Browsing: Mosi-oa-tunya

All sales of the gold coin, weighing 33.93g, by the agents would be subject to normal know-your-customer (KYC) principles in line with international best practices, which include the declaration of the source of funds.

“The gold coins shall be sold at the prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a payment vs delivery basis,” the guidelines read in part.

“The bank shall publish the Mosi-oa-Tunya gold coin price by 0800 hours daily, which shall be based on the previous day’s London Bullion Market Association (LBMA) PM Fix plus the cost of producing the coin. The Mosi-oa-Tunya gold coins shall be sold with an accompanying bearer certificate with security features.”

The new coins will be available for sale from 25 July in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

“The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production. The coins will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited and Aurex (Private) Limited, local banks, and selected international banking partners. Entities selling the coins shall be required to apply to Know Your Customer (KYC) principles,” read the statement.

Aurex Private, a subsidiary of the central bank, is involved in diamond cutting and polishing over and above the manufacturing of jewellery.