Zimbabwe resumes gold coin minting amid soaring bullion prices
Zimbabwe's central bank has resumed issuing gold coins, a move it had suspended 10 months ago.
Zimbabwe's central bank has resumed issuing gold coins after a 10-month suspension.
The move is aimed at boosting the bullion reserves backing the local currency, ZiG.
Gold coins are available through the country's banks and are seen as a valuable asset amidst trade war uncertainties.
Zimbabwe's central bank has resumed issuing gold coins, a move it had suspended 10 months ago.
This decision aims to boost the bullion reserves backing the local currency, the ZiG, which is teetering on the brink amid policy missteps, according to Imara Asset Management, the country's oldest independent brokerage.
The 22-carat coins halted in July, are once again available through the country's banks, at a time when the appeal of bullion is high, according to Persistence Gwanyanya, a member of the central bank's monetary policy committee.
' Gold is more attractive to the market at the moment and it supports our value preservation efforts, ' Gwanyanya said Sunday in a phone interview. 'We are taking advantage of firm gold prices and re-injecting the gold coins into the market.'
Two banks have confirmed the sale of newly minted gold coins: the Central Africa Building Society (CABS), a subsidiary of Old Mutual Zimbabwe, and a local branch of South African lender Nedbank Group Ltd, Bloomberg reported.
These coins, first issued in 2022, were introduced as a store of value for pension funds and individuals looking for a haven from recurring inflation and currency volatility.
Nedbank described the coins as an 'alternative investment option' that can be used to enhance investment portfolios with a 'valuable asset.' The coins are available in denominations ranging from one-tenth of an ounce to one ounce of gold.
A surge in global gold prices, which have increased by around 25% this year due to trade war uncertainties sparked by the U.S., is expected to benefit Zimbabwe, a key producer of the precious metal.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 hours ago
- Yahoo
At White House send-off, Trump praises Musk for reforms and cuts
In a send-off at the White House on Friday, US President Donald Trump praised tech billionaire Elon Musk in the highest terms for his efforts to cut government spending. Musk had initiated the most comprehensive and far-reaching reform programme of the government in generations, Trump said during a joint appearance with the South African-born entrepreneur. The president was referring to the Musk-led Department of Government Efficiency (DOGE). "Elon's service to America is without comparison in modern history," Trump asserted. Musk had saved the government billions of dollars and delivered a "colossal change' in how Washington does things, he added. The amount saved by Musk and his team would continue to rise over time, Trump said, noting that the people of the United States owed him a debt of gratitude. The president also expressed confidence that Musk would not disappear completely from the political scene. "He's going to be back and forth, I think, I have a feeling. [DOGE is] his baby," Trump said in the Oval Office, with Musk standing next to him. Musk said he hoped to continue visiting the White House as a "friend and adviser." "This was not the end of DOGE, but the beginning," Musk added. Musk announced on Wednesday that his time in government service was coming to an end "as planned" and he aims to return to running his companies. His status as a "special government employee" is limited to 130 days under US rules. This made it clear that Musk would have to step down from the position at the end of May.
Yahoo
9 hours ago
- Yahoo
Mumbai stand in way of Ponting's IPL final dream
Ricky Ponting's Punjab Kings have discovered they must beat powerhouse Mumbai Indians on Sunday if they are to reach the Indian Premier League final. Royal Challengers Bengaluru are already through to Tuesday's final after Australian paceman Josh Hazlewood spearheaded an eight-wicket victory in Qualifier 1 over Punjab on Thursday, taking a devastating 3-21. Punjab, whose Australian presence also includes Josh Inglis and Marcus Stoinis, who were both on the receiving end of Bengalura's Thursday night's heroics, must bounce back quickly from that stunning reverse in Sunday's Qualifier 2. But that won't be easy against a Mumbai side with their tails up following an emphatic Eliminator victory over Gujarat Titans on Friday. Electing to bat, five-time champions Mumbai racked up a commanding 5-228 after their frontline batters hit a combined 17 sixes. Gujarat managed 6-208 in reply despite defiant knocks by opener Sai Sudharshan (80) and all-rounder Washington Sundar (48). Big games call for big performances from big players 🔥We move ahead with intent and style & look to #StayAhead in Qualifier 2 💪💙Pick your Castrol Performance of the Day 👉 #MumbaiIndians #PlayLikeMumbai #CastrolEdge | @Castrol_India | @bp_plc — Mumbai Indians (@mipaltan) May 30, 2025 After Mumbai skipper Hardik Pandya elected to bat, Jonny Bairstow, replacing Ryan Rickelton, smashed 47 off 22 balls in his first match of the season in a blistering opening stand of 84 with Rohit Sharma. Rohit, dropped twice early in his knock, struck 81 to punish Gujarat. Suryakumar Yadav (33), Tilak Varma (25) and Pandya (22 not out) produced whirlwind cameos to take Mumbai past the 200-mark. The chase was steep and Gujarat stuttered early in their reply losing captain Shubman Gill trapped lbw by Trent Boult in the opening over of the innings. Kusal Mendis (20) fell hit wicket but Sudharsan, the tournament's leading scorer, revived Gujarat's chase with his sixth fifty of the tournament. He found an able ally in Sundar who smashed Boult for back-to-back sixes to turn the pressure back on Mumbai. Pandya brought back Jasprit Bumrah and the pace bowler slipped in a yorker between Sundar's legs to flatten his leg stump. South African Richard Gleeson bowled Sudharsan as Mumbai reclaimed control of the contest through their seamers.
Yahoo
11 hours ago
- Yahoo
Watch live: Trump says goodbye to Musk in Oval Office as Tesla CEO departs government
Watch live as President Donald Trump hosts Elon Musk in a final White House press event on Friday (30 May), a few days after the Tesla billionaire announced that he would be stepping back from the administration. Trump announced that the pair would appear together in the Oval office in a TruthSocial post yesterday. He wrote: 'This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific! See you tomorrow at the White House.' Mr Musk was granted special government employee status for 130 days to lead the Department of Government Efficiency (DOGE) to cut federal spending. After four months in the role, he announced on Wednesday (28 May) that his time in the Trump administration has come 'to an end.' The South African businessman's role was temporary and his exit planned, though it came a day after Mr Musk criticised the president's budget bill, which proposes multi-trillion dollar tax breaks and a boost to defence spending. He told CBS the bill would increase the federal deficit and 'undermine the work of DOGE'.
