Nqobile Bhebhe Zimpapers Business Hub THE Reserve Bank of Zimbabwe (RBZ) has suspended the mop-up sale of gold coins with immediate effect, marking the successful completion of an exercise aimed at clearing residual stock rather than introducing newly minted coins. In a statement yesterday, RBZ Governor Dr John Mushayavanhu said the move concludes a targeted intervention designed to absorb excess liquidity while providing value-preserving investment options. “The Reserve Bank of Zimbabwe wishes to advise the transacting public that the mop-up sale of gold coins has been suspended, with immediate effect, following the successful completion of the exercise,” said Dr Mushayavanhu. He clarified that the sales did not signify a resumption of gold coin minting, which had been discontinued in April 2024. “The Reserve Bank would like to clarify that this was a sale meant to clear remaining stock and not the minting of new gold coins. The latest round of gold coin sales also included coins redeemed by holders,” he explained. Introduced in 2022, the gold coins serve as a key monetary policy tool to curb inflation by mopping up excess liquidity while offering investors a stable store of value. The instrument gained rapid popularity among both institutional and retail investors. Dr Mushayavanhu added: “The Reserve Bank further advises that future gold coin sales will be undertaken upon accumulation of a sizeable quantity from redemptions. Investors are advised that gold coins in the market remain tradeable and redeemable.” The central bank reiterated its commitment to maintaining a diverse range of financial instruments to promote savings and support monetary policy objectives. “The Reserve Bank would like to take this opportunity to reaffirm its commitment to continuously avail alternative financial market instruments to promote savings, as well as achieve its monetary policy objectives,” the statement read. Initially, the gold coins were sold in smaller denominations, priced in both local and foreign currencies (including US dollars) at the prevailing international gold rate plus a 5% margin covering production and distribution costs. The RBZ later introduced larger denominations to cater to cash-rich institutional investors seeking value-preserving alternatives.