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An economist at Lupane State University (LSU) has urged the Government to explore the feasibility of paying a portion of civil servants’ salaries in gold-backed digital tokens and gold coins.
Speaking to the <a href="https://www.chronicle.co.zw/consider-paying-civil-servants-in-gold-coins/">Chronicle</a>, LSU business clinic development manager and economist George Nhepera said paying civil servants in gold coins and gold-backed digital currency reduces the dominance of the black market as the instruments are an alternative store of value other than the US dollar. Said Nhepera:
<blockquote>
To this end, they should be promoted in terms of their use for both people-to-people (P2P) transactions, people-to-business (P2B), and business-to-business (B2B).
Once this has been achieved with full market confidence, surely our Government can take a giant step to include a portion, say 50 percent of the civil servant salaries and benefits, be paid in these innovative instruments.
This strategy will help to curtail the black-market dominance in our market which is not helpful for the economic growth and poverty alleviation of our country let alone the achievement of our Vision 2030.
The future therefore belongs to innovators hence our monetary authorities are walking the talk in that space and they should be commended for supporting the Government in that respect.
</blockquote>
However, economic analyst Morris Mpala argued that paying civil servants in the gold-backed currency will reduce the demand for the Zimbabwe dollar. He said:
<blockquote>
This again defeats the purpose of encouraging the use of local currency by the populace. Noble as it might be in terms of liquidity management it shouldn’t be encouraged.
Let’s pay civil servants the right remuneration and let them have a choice in how they save their money and we concentrate on making the fundamentals right for everyone.
</blockquote>
On Tuesday, 11 July, the Government announced it has increased civil servants’ forex and local currency salary components with immediate effect.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Govt Urged To Consider Paying Civil Servants In Gold Coins

The Reserve Bank of Zimbabwe (RBZ) plans to introduce a gold-backed digital currency to be used as legal tender for transacting in the country to stabilise the Zimbabwe dollar from its continued depreciation against the United States dollar.
Digital gold tokens will be a form of electronic money backed by gold held at the RBZ.
RBZ Governor John Mangudya told <a href="https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency">The Sunday Mail</a> that the digital gold tokens will allow those holding small amounts of Zimbabwe dollars to exchange their money for tokens to store value and hedge against currency volatility.
The RBZ is also considering releasing more Mosi-oa-Tunya gold coins onto the market to arrest the recent sharp depreciation of the Zimbabwe dollar on the parallel market. Said Mangudya:
<blockquote>
What we have noticed is that demand for foreign currency, apart from being driven by the need to import goods and services in Zimbabwe, is also viewed as a store of value.
It means anyone with local currency would want to convert it to foreign currency.
We are addressing this demand for store of value by increasing the number of gold coins in the market so that we manage that demand.
We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency are able to purchase the gold units so that we leave no one and no place behind.
</blockquote>
Officially, the Zimbabwe dollar trades at ZWL$1 000.4 against the dollar but readily changes hands at Z$1 800 on the parallel market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Zimbabwe To Introduce Gold-backed Digital Currency

A member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) has revealed that a maximum of 15 000 gold coins will be issued saying it was never the central bank’s intention to continue issuing them without limit.
This comes after the International Monetary Fund (IMF) on Thursday said Zimbabwe should wind down the use of gold coins.
An MPC member Persistence Gwanyanya told Business Times that the gold coins were a “necessary intervention at the time”. He said:
<blockquote>
That’s why by 22 November, RBZ has only issued 14 200 gold coins worth ZWL$13.6bn. The target was always to issue a maximum of 15 000 gold coins that’s why the IMF agreed with the authorities to wind down the issuance of the same.
Having achieved a measure of stability the focus is now on attractive ZWL investment instruments to anchor our currency.
</blockquote>
The central bank introduced gold coins in July 2022 to mop excess local currency balances blamed for fuelling the parallel market exchange rate resulting in the accelerated depreciation of the Zimbabwe dollar.
The RBZ also hiked the bank policy rate to 200% from 80% to halt borrowing for speculative purposes. | <a href="https://businesstimes.co.zw/gold-coins-had-a-ceiling-of-15000-says-mpc-member/">Business Times</a>

"Gold Coins Had A Ceiling Of 15 000"

The Reserve Bank of Zimbabwe (RBZ) says nearly 500 out of the 4 000 small gold coins it introduced on 15 November 2022 have been purchased so far in their first week.
The central bank introduced gold coins, known as the Mosi-a-Tunya gold coins, to be used as a store of value by both individuals and companies.
This has resulted in the reduction of the excessive money supply since their introduction, according to RBZ governor John Panonetsa Mangudya as quoted by <a href="https://zbcnews.co.zw/2022/11/19/public-acceptance-of-gold-coins-a-signal-of-improved-financial-confidence/">ZBC News</a>. He said:
<blockquote>
The high demand for gold coins is a positive move to the country’s fight against high inflation and going forward we are maintaining the status quo, there will be no excess liquidity that caused exchange rate instability like in the past.
</blockquote>
In his Mid-Term Monetary Policy Statement released on Thursday, 11 August 2022, central bank governor John Mangudya said:
<blockquote>
Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022.
The features, characteristics and the sale terms and conditions shall remain the same as the current trading arrangements of the gold coins in circulation.
</blockquote>

High Demand For Gold Coins A Positive Development - Mangudya

The Reserve Bank of Zimbabwe (RBZ) on Wednesday, 09 November it will release into the market gold coins in smaller units on 15 November 2022.
The central bank said the smaller units will be a tenth of an ounce, a quarter ounce, and a half ounce. The RBZ said.
<blockquote>
As advised in its Mid-Term Monetary Policy Statement of 11 August 2022, the Reserve Bank of Zimbabwe (“the Bank”) wishes to advise the public that it will, from 15 November 2022, release into the market gold coins in smaller units of a tenth of an ounce, quarter ounce and half ounce.
</blockquote>
The RBZ said the sale terms and conditions of the smaller units of gold coins shall remain the same as those for the one-ounce gold coins that have been in circulation since 25 July 2022.

RBZ To Release Smaller Units Of Gold Coins On 15 November

The Reserve Bank of Zimbabwe (RBZ) says it introduced gold coins last month as a store of value as the gold price is more stable compared to other commodities.
Azvinandava Saburi, director of financial markets at the RBZ, said that even though there are risks in trading in gold, the yellow metal is more stable than currencies, especially during a time of heightened geopolitical tensions.
Saburi made the remarks while addressing Members of Parliament from the Parliamentary Portfolio Committee on Mines and Mining Development during a mining workshop in Kariba. He said:
<blockquote>
The prices of gold are always changing. That is why I said you are taking a risk (in buying gold coins).
We have reduced the number of risks, but the price risk that is on the gold and the volatility of the gold price is lower compared to other commodities.
There is a school of thought that says when there is tension in the world, the only safe haven is gold.
So, a lot of people are actually going for gold because of what’s happening in the geo-politic.
A lot of people are not comfortable holding currencies because they are more volatile than gold.
They see gold as a safe haven because it has more stability than currency, which is affected by politics.
</blockquote>
RBZ governor John Mangudya released the first US$3.6 million worth of gold coins on 25 July.
In his Mid-Term Monetary Policy Statement released on Thursday, 11 August 2022, Mangudya said the RBZ will introduce into the market smaller units of gold coins in mid-November 2022. He said:
<blockquote>
Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022.
The features, characteristics and sale terms and conditions shall remain the same as the current trading arrangements of the gold coins in circulation.
</blockquote>
More: <a href="https://www.newsday.co.zw/2022/08/gold-coins-safer-than-zimdollar-rbz/">NewsDay</a>

Gold Coins Safer Than Currencies - RBZ

Reserve Bank of Zimbabwe governor John Mangudya said the gold coins set to be released on 25 July will likely reduce demand for the US dollar as a store of value and stop the depreciation of the local currency.
Speaking in an interview with State media, Mangudya said the gold coins, which are known as Mosi-oa-Tunya, can only be redeemed for cash after 180 days. He said:
<blockquote>
Because of hyperinflation and past experiences, people in Zimbabwe have increased the demand for foreign currency as a store of value.
So, in order to provide an alternative product for those who want to store value, including those with excess balances and those who have foreign currency under their pillows, we have introduced the gold coin.
Its first positive impact is that it provides a safe and secure investment for those living in perpetual fear of hyperinflation and losing value.
</blockquote>
Mangudya however, refused to reveal the number of gold coins that are going to be released in the first batch. He added:
<blockquote>
However, they are sufficient. We will only be able to give you information after the beginning of the first week.
</blockquote>
The Mosi-oa-Tunya coins will be sold at a price based on the prevailing international price of gold plus a five per cent mark-up to cover production and distribution costs.
The coins will also be traded through commercial banks, Fidelity Gold Refinery and RBZ-accredited agents.
The central bank said on redemption, buyers will have an option of receiving cash in either Zimbabwe dollars or US dollars.
More: <a href="https://www.sundaynews.co.zw/gold-coins-to-stabilise-zimbabwean-dollar-rbz/">The Sunday News</a>

Gold Coins Redeemable For Cash After 180 Days - RBZ

The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> has issued guidelines on how the <a href="https://news.pindula.co.zw/2022/07/04/reserve-bank-of-zimbabwe-rbz-announces-gold-coins-features-characteristics-ownership/">Mosi-oa-Tunya gold coins</a> can be purchased. They are set to be introduced on the 25th of this July. In a notice seen by Pindula News, the central bank said the gold coins shall be sold at the prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a Payment vs Delivery basis. Reads the notice:
<blockquote>
<h2>GUIDELINES FOR THE PURCHASE OF THE MOSI-OA-TUNYA GOLD COIN</h2>
JULY 2022
Exchange Control Directive RX 20 (dated 18 July 2022) issued in terms of Section 35 (1) of the Exchange Control Regulations, Statutory Instrument 109 of 1996
<h2>1. INTRODUCTION</h2>
1.1 Pursuant to the Press Statement of 4 July 2022, announced by the Governor on the introduction of the Mosi-oa-Tunya gold coins, the following terms and conditions shall apply.
<h2>2. SPECIFICATIONS OF THE MOSI-OA-TUNYA GOLD COIN</h2>
2.1 The gold coin shall have the following specifications: –
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.58">i.</td>
<td title="Character Accurarcy=99.92">Denomination</td>
<td title="Character Accurarcy=99.9">1 Oz, for the time being</td>
</tr>
<tr>
<td title="Character Accurarcy=98.05">ii.</td>
<td title="Character Accurarcy=99.86">Material</td>
<td title="Character Accurarcy=99.92">Gold</td>
</tr>
<tr>
<td title="Character Accurarcy=97.26">iii.</td>
<td title="Character Accurarcy=99.98">Purity</td>
<td title="Character Accurarcy=99.57">22 carats (91.67%)</td>
</tr>
<tr>
<td title="Character Accurarcy=98.71">iv.</td>
<td title="Character Accurarcy=99.14">Diameter</td>
<td title="Character Accurarcy=99.69">32 mm</td>
</tr>
<tr>
<td title="Character Accurarcy=62">v.</td>
<td title="Character Accurarcy=99.63">Weight</td>
<td title="Character Accurarcy=99.71">33.93g</td>
</tr>
<tr>
<td title="Character Accurarcy=97.41">vi.</td>
<td title="Character Accurarcy=99.75">Shape</td>
<td title="Character Accurarcy=99.96">Round</td>
</tr>
<tr>
<td title="Character Accurarcy=98.23">vii.</td>
<td title="Character Accurarcy=99.49">Edge Type</td>
<td title="Character Accurarcy=99.89">Reeded with serial number engraved</td>
</tr>
<tr>
<td title="Character Accurarcy=98.62">viii.</td>
<td title="Character Accurarcy=99.96">Quality</td>
<td title="Character Accurarcy=99.41">Proof</td>
</tr>
<tr>
<td title="Character Accurarcy=99.33">ix.</td>
<td title="Character Accurarcy=99.86">Thickness</td>
<td title="Character Accurarcy=97.85">2.63mm.</td>
</tr>
</tbody>
</table>
<h2>3. QUALITIES OF THE MOSI-OA-TUNYA GOLD COIN</h2>
3.1 The gold coin shall have the following qualities;
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.41">i.</td>
<td title="Character Accurarcy=99.79">Liquid Asset Status</td>
</tr>
<tr>
<td title="Character Accurarcy=99.02">ii.</td>
<td title="Character Accurarcy=99.67">Prescribed Asset Status</td>
</tr>
<tr>
<td title="Character Accurarcy=98.48">iii.</td>
<td title="Character Accurarcy=99.81">Collateral Acceptability</td>
</tr>
<tr>
<td title="Character Accurarcy=98.66">iv.</td>
<td title="Character Accurarcy=99.6">Tradable</td>
</tr>
<tr>
<td title="Character Accurarcy=73.75">v.</td>
<td title="Character Accurarcy=99.9">Serial numbering</td>
</tr>
<tr>
<td title="Character Accurarcy=97.64">vi.</td>
<td title="Character Accurarcy=99.91">Central Bank buy-back when required by the holder of the gold coin.</td>
</tr>
</tbody>
</table>
<h2>4. SELLING PROCEDURES</h2>
4.1 The Bank will appoint agents that include Authorised Dealers (banks), its subsidiaries and foreign banks that will be responsible for selling the gold coins on its behalf.
4.2 All sales of the gold coin by the agents will be subject to normal Know Your Customer (KYC) principles in line with international best practice, which include declaration of the source of funds (see Annexure 1— Indicative KYC Documents that may be requested by Agents).
4.3 The gold coins shall be sold at prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a Payment vs Delivery basis.
4.4 The Bank shall publish the Mosi-oa-Tunya gold coin price by 0800 hours daily, which shall be based on the previous day’s London Bullion Market Association (LBMA) PM Fix plus the cost of producing the coin.
4.5 The Mosi-oa-Tunya gold coins shall be sold with an accompanying bearer certificate with security features.
 4.6 Agents shall sell the Mosi-oa-Tunya gold coins in both local currency (ZWL) and United States Dollars (US$) and other tradable/denominated foreign currencies at the willing-buyer willing-seller exchange rate. Denominated currencies for the purpose of buying gold coins will include the British Pound, the Euro, Australian Dollar, Botswana Pula and Rand.
4.7 Upon receipt of the purchase price from the gold coin buyers, the Agent shall transfer to the Reserve Bank within 24 hours, the amounts received from purchasers in the currencies of purchase.
4.8 The following selling arrangements shall apply for different buyers:-
i. Domestic buyers including individuals may buy in local currency or foreign currency; 
ii. Domestic corporates including institutional investors will be allowed to buy gold coins in local currency or foreign currency, subject to quantity restrictions where it is deemed necessary; 
iii. Exporting entities shall buy Mosi-oa-Tunya gold coins in foreign currency, from their retained export portions. Notwithstanding this requirement, exporters whose annual export receipts in 2021 were less than US$1 million, shall require a specific Exchange Control approval to be permitted to utilise a portion of their surrender portion that is payable in local currency, to purchase the gold coins; 
iv. Local banking institutions shall not be allowed to buy Mosi-oa-Tunya gold coins for own portfolios up until such a time as the Reserve Bank may grant the permission. Thus for the time being, banks can only receive the coins from the Reserve Bank for onward selling to their customers on behalf of the Reserve Bank; and 
v. Non-resident (international) buyers shall only buy the Mosi-oa-Tunya gold coins in denominated foreign currencies.
<h2>5. OWNERSHIP OF THE GOLD COINS</h2>
5.1 Once payment has been received by the Agent through normal banking channels, a buyer of the gold coin is allowed to take physical possession and ownership of the gold coin or opt to keep the gold coin through a registered bank (custodial services) on terms and conditions of the service provider.
<h2>6. OPTIONAL BUYBACK OF MOSI-OA-TUNYA GOLD COINS (COIN REDEMPTION)</h2>
6.1 At the discretion of the holder of the gold coin, the Bank or its Agents will buy back the Mosi-oa-Tunya gold coins after a vesting period of 180 days in line with the need to promote a savings culture in the country.
6.2 All gold coins purchases by the Bank or its Agents shall require the submission of the original bearer certificate’ for the specific coin. Coins shall be purchased at the prevailing international price of gold on spot basis.
6.3 On redemption, both residents and non-residents (international buyers), will have the option to be paid in US Dollars (US$) or Zimbabwe Dollars (ZWL) depending on their choice.
6.4 KYC principles will also be applied on all purchases by the Bank.
<h2>7. EXPORT OF THE MOSI-OA-TUNYA GOLD COINS</h2>
7.1 Residents and non-residents (international buyers) shall be allowed to take out (export) Mosi-oa-Tunya gold coins supported by the bearer certificate for each coin. 
<h2>8. GOLD COIN DISBURSEMENT TO AGENTS/BANKS BY THE RBZ</h2>
8.1 Disbursements of gold coins to agents of the Bank shall be determined by the rating and size of the agent, as well as the demand and supply of gold coins.
8.2 Agents are expected to provide daily returns to the Bank for monitoring and compliance. The relevant templates shall be provided to the appointed Agents.
‘ Security features of the bearer certificate and gold coin will be published for the information of the public. 
</blockquote>
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ Guidelines For The Purchase Of The Mosi-OA-Tunya Gold Coin

The successful introduction of gold coins, which the Reserve Bank of Zimbabwe (RBZ) intends to issue on 25 July, could be hampered by a lack of public trust in the country’s monetary system, according to analysts.
The central bank said the gold coins, named Mosi-oa-Tunya (The Smoke That Thunders), after the Victoria Falls, will serve as a store of value as an alternative to the US dollar and also stabilise the Zimbabwe dollar.
However, analyst Rashweat Mukundu told The NewsHawks that a lack of public confidence in monetary authorities could derail the new measures. Mukundu said:
<blockquote>
The key issue with the Zimbabwean economy is a lack of trust. This is the first time Zimbabwe is initiating the preservation of value by selling gold coins.
The question is: Has enough been done to educate the public on the purchase of the gold coins?
There is a huge lack of trust in the monetary authorities and the banking sector.
There is a clear lack of knowledge among the general populace on what the gold coins mean and whether they can trust the same system with their money that has cheated them repeatedly over the years.
The loophole is in terms of trust then there is no explanation as to whether it appreciates in value, how long does it take to redeem it?
It is a very hurried move to create diversion on its failure to contain inflation.
</blockquote>
A foreign currency trader in Harare, Terrence Musareka (35), fears the introduction of gold coins will negatively affect their business. He said:
<blockquote>
On top of the mistrust we have with the monetary system, which has changed overnight over the years, our foreign currency trading could be under threat if everyone goes for these gold coins.
</blockquote>
Broadwell Masuku, a 64-year-old pensioner who lost his saving in 2008, said it is difficult to trust the government with money. Said Masuku:
<blockquote>
They must promise the public that there will be the restitution of money lost if there is a loss of money or value.
When you are buying this thing, you are literally exchanging your money in exchange for a paper, surely our government must operate on a higher moral standard and give people what is due to them.
</blockquote>
Central bank governor John Mangudya said the gold coins can be converted into cash and traded locally and internationally at a price based on the prevailing international price of gold and the cost of production.
Economist Prosper Chitambara said the introduction of gold coins may not arrest inflation which was at 192% last month.
He, however, said the use of gold would help restore confidence in investing in the economy as gold remains a stable commodity.
<h4>More: <a href="https://thenewshawks.com/public-sceptical-about-gold-coins/">The NewsHawks</a></h4>

Zimbabweans Distrustful Of Gold Coins

The Deputy President of the Senate Mike Nyambuya has summoned Finance and Economic Development Minister Mthuli Ncube to Parliament to present a ministerial statement explaining the purpose of soon-to-be introduced Mosi-oa-Tunya coins (gold coins).
This comes after the leader of government business in the Senate Monica Mutsvangwa failed to “satisfactorily” respond to questions on the issue from senators. Mutsvangwa said:
<blockquote>
The fundamentals of the economy are in the right place, the issue of the gold coins is a clear plan to move the economy forward.
The issue of the introduction of gold coins is meant to provide a store of value and strengthen our local currency and minimise the volatilities of the exchange rate.
I think it will be better for the Minister of Finance to come up with a paper in this August House to talk in detail to the last point.
</blockquote>
Nyambuya then ordered that Ncube has to come to the Senate to address questions on the coins. He said:
<blockquote>
We need the Minister of Finance to come here and address the Senate. These issues have been outstanding for a long time.
Make sure that in the next sitting he has to be here to answer the questions.
</blockquote>
The Reserve Bank of Zimbabwe (RBZ) said the gold coins will be introduced on 25 July and will be used as a store of value among other things.
The gold coins were named after the mighty Victoria Falls on the Zambezi River, which are known locally as “Mosi-oa-Tunya”, that is “The Smoke That Thunders”.
<h4>More: <a href="https://www.newsday.co.zw/2022/07/mthuli-summoned-over-gold-coins/">NewsDay</a></h4>

Parliament Summons Mthuli Ncube Over Gold Coins

The Reserve Bank of Zimbabwe (RBZ) has announced plans to introduce gold coins as part of measures to ensure investors and the general public have alternative means to preserve the value of money.
The resolution was made on the 24th of June when the RBZ’s Monetary Policy Committee (MPC) <a href="https://news.pindula.co.zw/2022/06/27/full-text-rbz-increases-bank-policy-rate-from-80-to-200-per-annum/">met and deliberated on macroeconomic and financial developments in the economy</a>. Said the central bank:
<blockquote>
The gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels. 
</blockquote>
Gold is considered a safe haven against inflation and a gold coin is made mostly or entirely of gold, while most gold bullion coins are pure gold.
Studies show that gold has outperformed the inflation rate and reduced the risk by a considerable margin.
Most gold coins minted are 90–92 per cent gold (22 karat).
Popular bullion coins include the American eagle, the Canadian Maple Leaf, the South African Krugerrand, the Isle of Man Gold Cat, the Australian Kangaroo, and the China Mint Panda Bear.
The proposition has the potential to have a stabilisation effect on the economy if conducted properly given the stability and value storage associated with gold.
Zimbabwe’s inflation increased to 191.6 per cent and 30.7 per cent on a year-on-year and month-on-month basis for June 2022 respectively according to official statistics, which is far astride from government projections of achieving a 30 per cent inflation rate by end of the year.
Other analysts say the inflation is already over 300 per cent.
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