“It means a teacher who is getting a salary of $190 to $200 would need nine to 10 months to buy one gold coin. “The issue of gold coins to us teachers in Zimbabwe, is something we can dream of,” Kayumba said. size) UNIQUE DESIGN: Features an embossed surface and shiny gold finish.
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One of those Zimbabweans struggling to get by is Christine Kayumba, a high school teacher in Harare. Although gold coins may have slightly higher premiums than gold bullion bars, the coins also carry a face value and are considered good, legal tender. Gold plastic coins measuring 10 1/4 x 7 1/4 (pkg. “Most people may not have money to buy this since most citizens are literally living from hand to mouth,” Chitambara said. dollar as a store of value, it will also rise because there are still a lot of uncertainties relating to the convertibility of these gold coins - are internationally tradeable, especially given the trust and confidence issues?” Chitambara said.Ĭhitambra also expressed caution about the coin. Prosper Chitambara, a senior researcher and economist at the Labor and Economic Development Research Institute of Zimbabwe, said despite the bank’s hopes he doubts the coins will drastically reduce demand for American dollars. John Mangudya, head of the Reserve Bank of Zimbabwe, told reporters in Harare on July 25, 2022, the coins are designed to reduce demand for U.S. Mangudya said 2,000 coins will be manufactured, with future production depending on the public’s appetite. It’s a genuine gold coin to ensure that it is saved and invested there.” “We know what you have been going through in terms of the fear factor of losing value and therefore we are providing this gold coin,” he said. Mangudya said the coin is a sign of respect for the people of Zimbabwe. “And there is no other better product that can be used to store value other than gold.” Before you buy a gold coin from anywhere, you want to make sure that it. “We are now providing that store of value to ensure that people do not run to the parallel market in search for foreign currency to store value,” he said. You can find these properties in the gold coins as well as the gold bars that we sell. Mangudya said he hoped that Zimbabweans will now opt for the gold coins, which cost about $1,800 each. greenbacks, which Zimbabweans see as more acceptable abroad and better at holding their value long term. Zimbabweans are largely shunning the weak local dollar in favor of U.S.
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But economists and ordinary Zimbabweans are skeptical.Īt the official launch of the gold coins in Harare on Monday, John Mangudya, head of the Reserve Bank of Zimbabwe, said the coins are designed to reduce demand for U.S. Zimbabwe's central bank has introduced gold coins that it hopes will ease citizens’ demands for foreign currency.