The Reserve Bank of Zimbabwe (RBZ) has officially suspended the sale of gold coins with effect from June 16, 2025, after clearing out the remaining stock through a final mop-up exercise. This move brings to a pause one of the country’s most notable monetary policy tools, launched in 2022 to combat inflation and stabilize the currency.
By Ryan Chigoche
The suspension comes at a time when global gold prices are climbing sharply, further strengthening the case for many investors to hold on to their coins rather than return them. Since their introduction in July 2022, gold prices have risen from around US$1,700 per ounce to over US$2,400 per ounce by mid-2025—an increase of more than 40%.
According to the World Bank’s April 2025 Commodity Markets Outlook, gold prices are expected to surge by another 30% this year, driven by heightened global economic uncertainty, central bank demand, and investor appetite for safe-haven assets.
This outlook helps explain the reluctance of holders to redeem their coins, reducing the central bank’s ability to recirculate them and prompting the current sales suspension.
The final sales conducted by the RBZ did not involve the minting of any new coins. Production had already been halted in April 2024, and the recent transactions were limited to clearing existing inventory, including previously redeemed coins.
In a statement, the central bank indicated that any future sales would depend on the return and accumulation of a significant number of coins, which, in the current climate, seems increasingly unlikely.
Launched in July 2022, the gold coin program was part of a broader monetary stabilisation package designed to offer investors an inflation-proof store of value amid a collapsing local currency. The coins were made available in various sizes and denominations, appealing to both institutions and ordinary citizens, and were also used to mop up excess liquidity in the economy.
Their introduction was timely. Zimbabwe faced acute inflationary pressures in 2022, and confidence in the Zimbabwean dollar was at a low. The gold coins quickly became a popular investment choice, allowing holders to preserve value without resorting to informal foreign currency markets.
However, as inflation moderated and broader monetary reforms took shape—particularly under the new structured currency, ZiG—the RBZ began phasing out the coin program. Still, the global gold rally has extended the utility of the coins for many holders, some of whom view them as appreciating assets rather than short-term liquidity tools.
The RBZ has confirmed that all gold coins currently in circulation remain valid, tradable, and redeemable through authorized financial institutions. However, the slowdown in redemptions, fueled by expectations of continued price increases, has left the central bank with fewer options to resupply the market, reinforcing the decision to pause further sales.
This suspension forms part of a broader shift in Zimbabwe’s monetary policy framework. The RBZ is now focused on introducing new financial instruments that align with the country’s long-term reform goals, rebuild trust in the financial system, and support a savings culture under the ZiG regime.
While the gold coin initiative has served its purpose during a period of volatility, its temporary exit from the market underscores both the success and the limits of policy tools that rely on dynamic global commodity trends.
With gold expected to continue its upward trajectory, the coins may still prove valuable—not just for individual investors, but as a lasting reminder of how alternative monetary assets can function in times of crisis.
