The central bank said lower denomination gold coins introduced in Nov. 2022 'accounted for 38% of all sales.' savings inflation
The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold coins were sold between July 2022 and Jan. 13. According to the central bank governor, John Mangudya, the gold coins “have proved to be an effective open market instrument for mopping up excess liquidity in the economy.
Initially launched to act as “an alternative retail investment product for value preservation,” for the wealthy, the bank said lower denomination gold coins introduced in Nov. 2022 “accounted for 38% of all sales.” Commenting on the gold coins’ impact since their introduction, Reserve Bank of Zimbabwe governor John MangudyaThe coins have proved to be an effective open market instrument for mopping up excess liquidity in the economy and a retail investment product for preserving value for investable funds., played a part in stabilizing inflation and the local currency’s exchange rate versus the greenback.
Concerning the Zimbabwean dollar’s exchange rate versus the U.S. dollar, the latest RBZ data suggests that the parallel market premium dropped from a high of nearly 100% on July 1, 2022, to well under 50% by Dec. 19, 2022. As shown by the data, the local currency’s auction market exchange rate, which stood at just over ZWL100:USD1 on Jan. 11, 2022, closed the year at approximately ZWL700:USD1. According to the RBZ data, the local currency’s parallel market exchange rate on Dec.
Meanwhile, in his 2023 monetary policy statement, RBZ governor Mangudya said the bank “will continue to avail gold coins on a demand-driven basis as it seeks to promote a savings culture.”
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