By Owen Mandovha
THE Reserve Bank of Zimbabwe (RBZ) has released operational guidelines for trading in gold coins which are set to be introduced this Thursday.
As the nation awaits the introduction of gold coins this Thursday, the Reserve Bank of Zimbabwe (RBZ) has announced operational guidelines for trading in the precious metals, annunciating the salient aspects to would-be buyers.
Christened the Mosi oa Tunya, the gold coins will come in one ounce weighing 33.3 grammes consisting of 22 carats of 91.67 percent purity.
The gold coins will be sold through agents and authorised dealers who will issue the buyer with a bearer certificate upon purchase.
The coins shall be sold at the prevailing international gold price which is the last spot price at the London Bullion Market Association plus 5 percent of costs of production and delivery.
Agents and authorised dealers shall be obliged to display the price at 8AM every day before trading starts.
Payment for the gold coins will be in both foreign currency and the Zimbabwean dollar.
The rate for local currency payments will be charged on a willing buyer willing seller basis.
Buyers can decide to have immediate possession of the coins or ask the agent or authorised dealer to store it on their behalf, but they will remain with a bearer certificate embedded with security features.
Know your customer (KYC) principles will apply to both individuals, corporates and non-residents willing to buy the Mosi oa Tunya gold coins.
The RBZ is introducing the instruments as a genuine saving alternative and store of value for the public to diminish the preference of the United States dollar as a store of wealth, a trend that has been causing unnecessary distortions on the foreign exchange market system.
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