Seize the opportunity of the historic high gold price, the Zimbabwe central bank resumes minting gold coins that have been scrapped.

The Reserve Bank of Zimbabwe is reintroducing the coin system that was abolished 10 months ago, aimed at increasing gold reserves to boost the value of the Zimbabwean dollar. Parsons Gwanyanya, a member of the central bank's monetary policy committee, stated that with the "rise in the price of gold," these coins can now be purchased again through national banks, "gold is currently more attractive to the market, it supports our efforts to preserve value... we are taking advantage of the strong gold price to reintroduce gold coins into the market." Two banks have confirmed the sale of newly minted gold coins, one being the Central Africa Building Society, a subsidiary of Zimbabwe Old Mutual Insurance, and the other being a local branch of South Africa's Rely Bank Group Limited. These coins were first issued in 2022 as a means of storing value for pension funds and individuals seeking a safe haven amidst frequent inflation and currency fluctuations. CABS stated in a customer notice released over the weekend: "We are pleased to inform you that the Reserve Bank of Zimbabwe has resumed the issuance of gold coins through authorized dealers." In July 2024, the central bank governor, John Mangudya, announced that the production plan for the 22-carat gold coin named "Mosiotunya," after the iconic Victoria Falls, was cancelled at that time.