Market gripped by huge interest in Mosi oa Tunya gold coins

By Owen Mandovha

THE market has been gripped with huge interest in the new Mosi oa Tunya gold coins which were released this Monday as the public and private companies explore ways of investing in the product.

A day after the introduction of the coins by Reserve  Bank of Zimbabwe Governor, Dr John Mangudya, the ZBC News visited Homelink, which is the central bank’s subsidiary selling the coins to establish the uptake of the new product.

The survey conducted by ZBC News in Harare revealed a huge interest in the gold coins, with enquiries being received from individuals and companies, amid calls for more awareness campaigns on the advantages of the coins.

“I heard about gold coins and have come here to find out how they are traded. The idea to me appeared good because one needs a proper way to store value instead of using currency,” said a potential buyer.

“There is need for more education so that Zimbabweans are told how they work because this is our first time to use them,” added another.

Te ZBC News crew witnessed one transaction unfolding as Homelink’s marketing manager, Mr Tendai Rafemoyo gave more details on the buying process.

“When you come, we conduct a KYC process and will require your bank statement and we accept all forms of payments in local currency and foreign currency. Upon purchase, we give you an accompanying certificate that shows that you are the owner of the coin. The coins have got serial numbers,” he explained.

Financial analyst, Mr Batanai Matsika gave an insight into how the gold coins will impact the investment and savings landscape.

“It is indeed a noble idea to provide people with real investment assets, but it is quite important to ensure that there is no room arbitraging,” said Matsika.

During Monday’s launch of the Mosi oa Tunya gold coins, Dr Mangudya revealed that there is huge interest of the investment and savings product from international investors who are attracted by the liquid and exchange features of the asset which will provide Zimbabweans with an alternative instrument to store value.

The gold coin is being sold at US$1 823 or ZWL805 000.

The post Market gripped by huge interest in Mosi oa Tunya gold coins appeared first on ZBC NEWS.

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