Zimbabwe’s central bank has resumed the sale of gold coins, nearly a year after suspending the program, as part of efforts to stabilize the local currency and rebuild market confidence.
The move comes amid ongoing pressure on the recently introduced ZiG currency, which has struggled due to economic mismanagement, according to Imara Asset Management, the country’s oldest independent brokerage.
The 22-carat gold coins, first launched in 2022 as a hedge against inflation and currency volatility, are once again being distributed through commercial banks across Zimbabwe. Sales were initially paused in July 2023.
Monetary policy committee member Persistence Gwanyanya confirmed the return of the coins, citing strong market interest and rising global gold prices. “Gold is more attractive to the market at the moment and supports our value preservation efforts,” Gwanyanya said in a phone interview. “We are capitalizing on firm gold prices by reintroducing the coins.”
Two banks—Central Africa Building Society (CABS), part of Old Mutual Zimbabwe, and a local branch of South Africa’s Nedbank Group—have confirmed they are now offering the newly minted coins, according to Bloomberg.
The gold coins, available in denominations ranging from one-tenth of an ounce to a full ounce, are being positioned as an alternative investment tool for individuals and institutional investors alike. Nedbank described them as a way to enhance portfolios with a “valuable asset.”
Zimbabwe stands to benefit further from the global surge in gold prices, which have climbed roughly 25% this year amid geopolitical tensions and trade uncertainties. As a major gold producer, the country has seen a jump in gold export earnings—from $303.1 million in the first quarter of 2023 to $395.9 million during the same period in 2024, according to the Reserve Bank of Zimbabwe.
