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Zimbabwe: No Gold Coins in Circulation Yet, Says Reserve Bank
The Herald, 7 July 2022
The Reserve Bank of Zimbabwe on Thursday dismissed as "fake news", social media content alleging that gold coins were already available ahead of their official release date. Read more »
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Zimbabwe: Govt Introduces Gold Coins in Hopes of Reducing Demand for U.S. Dollars
VOA, 25 July 2022
Zimbabwe's central bank has introduced gold coins that it hopes will ease citizens' demands for foreign currency. But economists and ordinary Zimbabweans are skeptical. Read more »
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Zimbabwe: Cost of Central Bank Gold Coins to Be Based On International Prices
New Zimbabwe, 5 July 2022
The Reserve Bank of Zimbabwe (RBZ) is set to commence the trading of gold coins this month in a bid to introduce an alternative store of value in the market amid optimism that the… Read more »
Zimbabwe Turns to Gold Coins As Local Currency Tumbles
The Reserve Bank of Zimbabwe says it will start issuing gold coins as legal tender as the country battles to control soaring inflation that has considerably weakened the local currency. The Central Bank Governor John Mangudya said in a statement that the coins will be available for sale from July 25 , 2022 in local currency, U.S. dollars and other foreign currencies, at a price based on the prevailing international price of gold and the cost of production. The gold coin named 'Mosi-oa-Tunya', after Victoria Falls, can be converted into cash and will contain one troy ounce of gold.
Soaring inflation has piled pressure on President Emmerson Mnangagwa in a country that still remembers the economic chaos under the late president Robert Mugabe's almost four decades of rule. Hyperinflation forced the country to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the U.S. dollar.
Documents
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6 July 2022
Central Bank Reveals All You Need to Know About The Zimbabwe Gold Coin
- Author:
- Reserve Bank of Zimbabwe
- Publisher:
- Reserve Bank of Zimbabwe
- Publication Date:
InFocus
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Civil servants under the Zimbabwe Confederation of Public Sector Trade Unions (ZCPSTU) are set to march against government's continued reluctance to pay them in U.S. dollars. Worries eminating from biting inflation and their devalued salaries have been ignored by government, according to ZCPSTU.
In a statement, ZCPSTU organising
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Zimbabwe's central bank has banned third country foreign payments, except for fuel, in measures to facilitate critical transactions to keep the economy going smoothly and encourage remittance of export proceeds back to the country.
"Banks shall with immediate effect not process third-party country foreign payments," President Emmerson Mnangagwa said, referring to payments made to an entity
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All teachers who did not report for duty when schools opened have been suspended with immediate effect for three months without pay, the governement has said.
A pay strike by teachers disrupted learning on February 7, 2022 as schools opened for the first time in 2022 following Covid-19 delays. All the teachers' unions have declared "incapacitation" in anger over salaries that have been eroded by
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The government has increased civil servants' salaries by between 45% to 50% as it fulfils a promise to stagger the wage increment for employees. In April 2021 government increased civil servants' salaries by 25% and committed to further increases by mid-year.
However workers have rejected the salary increment, saying it was inadequate as it will result in the lowest paid teacher earning below the poverty datum line.
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The Reserve Bank of Zimbabwe has conducted its second foreign currency auction as it aims to promote transparency and efficiency in the foreign currency market. However, the latest auction results have confirmed that the local currency continues to lose value against the greenback.
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