Zimbabwe's central bank stopped selling gold coins on Monday. The Reserve Bank cleared out leftover inventory from previous sales. Officials never started making new coins after production ended last April. Governor John Mushayavanhu said the cleanup sale worked perfectly. People can still trade their existing gold coins for cash.
The bank launched gold coins during July 2022 when inflation hurt the local currency. Each coin cost the same as world gold prices with extra fees added. Buyers used either Zimbabwe dollars or foreign money to purchase coins. The program helped remove extra cash from the economy. Officials sold over 35000 coins worth billions of Zimbabwe dollars.
Future sales depend on people returning coins to the bank. The Reserve Bank promises new savings products for citizens. Monetary officials want people to save more money through different investment options. The announcement comes as Zimbabwe uses its new gold-backed currency. Central bank leaders continue fighting inflation with tight money controls.
The bank launched gold coins during July 2022 when inflation hurt the local currency. Each coin cost the same as world gold prices with extra fees added. Buyers used either Zimbabwe dollars or foreign money to purchase coins. The program helped remove extra cash from the economy. Officials sold over 35000 coins worth billions of Zimbabwe dollars.
Future sales depend on people returning coins to the bank. The Reserve Bank promises new savings products for citizens. Monetary officials want people to save more money through different investment options. The announcement comes as Zimbabwe uses its new gold-backed currency. Central bank leaders continue fighting inflation with tight money controls.
