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“Gold Coins Not Yet Out,” As RBZ Responds To “Fake” Social Media Videos

The Reserve Bank of Zimbabwe (RBZ) has dismissed as fake, videos and messages circulating on social media suggesting that some members of the public are already in possession of gold coins which are set to be released for purchase on the 25th of July.

The Central Bank last week announced that it would introduce gold coins to ensure that investors and the public have alternative means to store value at a time the local currency was rapidly depreciating.

A growing number of videos showing gold-colored coins and messages on social media have however, raised concerns that gold coins may be in circulation.

“Videos and messages circulating on social media purporting or giving out that gold coins are available for sale and that some people already have them are nothing but fake news,” said the RBZ in a statement.

“For the record, RBZ has not released any gold coins and the gold coins will become available on 25 July 2022 as earlier advised by RBZ.”

The “Mosi-oa-Tunya Gold Coin”, which means “The Smoke Which Thunders,” a reference to Victoria Falls will be sold in both the local and foreign currencies.

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However, there are worries about the Central Bank’s low level of public trust, which is expected to undermine the value of gold coins and present a challenge for monetary policymakers.




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