RBZ say gold coins circulating on social media are fake

The Reserve Bank of Zimbabwe (RBZ) has dismissed fake, videos and messages circulating on social media suggesting that some members of the public are already in possession of gold coins which are set to be released for purchase on the 25th of July.

RBZ last week announced that it would introduce gold coins to ensure that investors and the public have alternative means to store value at a time the local currency was rapidly depreciating.

A growing number of videos showing gold-colored coins and messages on social media have, however, raised concerns that gold coins may be in circulation.

“Videos and messages circulating on social media purporting or giving out that gold coins are available for sale and that some people already have them are nothing but fake news,” said the RBZ in a statement.

“For the record, RBZ has not released any gold coins and the gold coins will become available on 25 July 2022 as earlier advised by RBZ.”

The “Mosi-oa-Tunya Gold Coin”, which means “The Smoke Which Thunders,” a reference to Victoria Falls will be sold in both the local and foreign currencies.

However, there are worries about the Central Bank’s low level of public trust, which is expected to undermine the value of gold coins and present a challenge for monetary policymakers.

The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production.

The coins will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited and Aurex (Private) Limited, local banks, and selected international banking partners. Entities selling the coins shall be required to apply to Know Your Customer (KYC) principles.