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The Reserve Bank of Zimbabwe (RBZ) has resumed the sale of its gold-backed Mosi-Oa-Tunya coins, reintroducing the program after a 10-month break amid soaring international gold prices.
By Ryan Chigoche
The RBZ initially launched the 22-carat coins in 2022 as a tool to cushion the economy against inflation and stabilise the currency.
The coins, named after the iconic Victoria Falls, were marketed as a reliable store of value at a time when confidence in the local currency was waning.
Their production was halted in mid-2024 as authorities focused on broader monetary reforms, including the rollout of the new Zimbabwe Gold (ZiG) currency.
But with global bullion prices up nearly 25% this year due to rising geopolitical tensions, the central bank has opted to bring the coins back into circulation to leverage the strength of gold and reinforce public trust in the ZiG.
The Central Africa Building Society (CABS), part of Old Mutual Zimbabwe, confirmed the relaunch in a customer advisory note stating:
“We are pleased to inform you that the Reserve Bank of Zimbabwe has reintroduced the issuance of gold coins through authorized dealers.”
The coins are now available in various sizes, ranging from one-tenth of an ounce to one full ounce, and are being distributed through selected financial institutions.
Initially intended as an inflation hedge for pension funds and individual investors, the gold coins are once again being promoted as a safe investment alternative that can also help reduce demand for US dollars on the informal market.
Zimbabwe, a major gold producer in the region, is well positioned to benefit from the current upswing in global prices.
According to central bank data, the country’s gold export earnings climbed to $395.9 million in the first quarter of 2025, compared to $303.1 million during the same period in 2024.
