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Zimbabwe gold coins must be held for a minimum of 180 days.

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Individuals and institutions purchasing gold coins from the Reserve Bank of Zimbabwe (RBZ) will be required to hold them for at least 180 days before selling, while exporters earning less than a million US dollars will be permitted to use the surrender portion of their receipts to purchase the coins in foreign currency.

Zimbabwe’s central bank announced earlier this month that it would begin selling gold coins as a store of value on July 25th in order to combat runaway inflation, which has significantly weakened the local currency.

The central bank intends for the gold coins to be used primarily as an alternative to hoarding US dollars, with the hope that their use will reduce demand for US currency.

Both citizens and non-residents will have the choice of receiving payment upon redemption in Zimbabwean or US dollars.

However, the gold coins cannot be sold within 180 days of acquisition in order to ensure that they fulfill their real purpose as a substitute investment.

According to the RBZ, “the bank or its agents would buy back the Mosi-oa-Tunya gold coins after a vesting time of 180 days at the discretion of the holder of the gold coin in keeping with the desire to foster a savings culture in the country.”

The Victoria Falls-inspired “Mosi-oa-tunya” coin can be exchanged for cash and used for both domestic and international trade.

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