Zimbabwe has resumed the minting and sale of gold coins, less than a year after suspending the program, as part of renewed efforts to stabilise its currency amid surging global bullion prices and declining confidence in digital assets.
The Reserve Bank of Zimbabwe (RBZ) is again issuing the 22-carat “Mosi-Oa-Tunya” coins, named after the iconic Victoria Falls. Initially launched in July 2022 as a hedge against inflation and currency volatility, minting was paused in July 2024 to promote a gold-backed digital token. However, with gold prices up for not less than 25 percent this year, the central bank is shifting back to physical assets.
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“Time of Attractiveness” for Bullion
“Gold is more attractive to the market at the moment and it supports our value preservation efforts,” said Persistence Gwanyanya, a member of the RBZ’s monetary policy committee. “We are taking advantage of firm gold prices and re-injecting the gold coins into the market.”
The gold coins are now available through authorised dealers, including the Central Africa Building Society (CABS) and Nedbank Zimbabwe.
“We are pleased to inform you that the Reserve Bank of Zimbabwe has reintroduced the issuance of gold coins through authorized dealers,” CABS said in an interview with Bloomberg.
Nedbank, for its part, noted the investment potential of the coins, calling them an alternative investment option that offers a valuable asset to enhance portfolios. The coins are being sold in sizes ranging from one-tenth of an ounce to a full ounce, making them more accessible to a wider range of buyers than before.
The return to gold coins comes after limited success with the country’s gold-backed digital currency. Introduced in 2023 and initially met with interest, the token, later renamed the Gold-Backed Digital Token (GBDT) to avoid confusion with the ZiG currency.
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The gold export sector in Zimbabwe may benefit
Despite initial subscriptions worth $12 million, only 35 new applications were reported by mid-2023. Many Zimbabweans, still cautious after the economic collapse of the 2000s, have remained skeptical of untested monetary tools.
Even support from the central bank failed to prevent the local currency from sliding, with a 65 percent devaluation against the U.S. dollar recorded this year.
The timing of the gold coin revival may benefit the country’s gold-dominated export sector. According to RBZ data, Zimbabwe’s gold shipment revenues climbed to $395.9 million in the first quarter of 2025, up from $303.1 million the previous year.
