The Reserve Bank of Zimbabwe (RBZ) has announced the suspension of the mop-up sale of gold coins, marking the official conclusion of one of its flagship alternative monetary tools introduced to stabilise inflation and provide a store of value for investors amid currency turbulence.
In a press statement issued on 16 June 2025, RBZ Governor Dr. John Mushayavanhu clarified that the now-halted sale was a final clearance of remaining gold coin inventory and not a resumption of new minting operations, which were suspended over a year ago in April 2024.
“The mop-up sale of gold coins has been suspended with immediate effect,” read the statement. “This was a sale meant to clear remaining stock and not the minting of new gold coins.”
The RBZ further explained that the gold coins sold in recent weeks included units that had been redeemed by previous holders, effectively reintroducing them into the market temporarily. This strategy ensured continued circulation of the instrument without undermining previous decisions to halt production.
Gold coins were first introduced in 2022 as a monetary policy intervention to provide investors with an inflation-proof and value-preserving alternative amid intense pressure on the Zimbabwean dollar. Pegged to the international gold price and available in local and foreign currency, the coins offered both a store of value and a tradeable asset, redeemable after a minimum 180-day holding period.
While initially met with scepticism, the gold coins were quickly adopted by corporates, pension funds, and high-net-worth individuals as an investment option amid currency volatility. However, the RBZ discontinued minting new coins in 2024 as macroeconomic stability began to take root, marked by greater confidence in the new ZiG currency and other liquidity management tools.
The Bank now says future sales will only be conducted once it has accumulated a “sizeable quantity from redemptions,” effectively turning the instrument into a closed-loop value asset, limited to recirculation of existing coins.
Notably, all gold coins currently in circulation remain fully tradeable and redeemable, allowing holders to continue to use them as a hedge or investment, even post-suspension.
Analysts say the suspension of gold coin sales could signal growing confidence in alternative monetary instruments being developed by the central bank. Indeed, Governor Mushayavanhu used the announcement to reaffirm the RBZ’s commitment to innovation, saying the Bank would “continuously avail alternative financial market instruments to promote savings.”
The statement comes amid broader efforts to deepen Zimbabwe’s financial markets and encourage formalised savings. With the country now entering a phase of currency and price stability under the ZiG regime, the focus is shifting from crisis-response tools to long-term investment frameworks for citizens and institutions.
As Zimbabwe’s economy continues its transition, the gold coin, once a symbol of monetary defence, is now becoming a niche legacy asset, still valuable, but no longer central to day-to-day financial operations. Its success, however, sets the stage for what many hope will be a more diversified and modern financial instrument landscape, one built on confidence, innovation, and sustainability.
