By Business Correspondent
The Zimbabwean government appears to be scrambling for control in the face of mounting economic turmoil, as the Reserve Bank of Zimbabwe (RBZ) on Sunday abruptly announced the suspension of gold coin sales—once touted as a hedge against inflation and a store of value for investors.
In a press statement issued by Governor Dr. John Mushayavanhu on June 16, 2025, the central bank declared that the “mop-up sale of gold coins has been suspended, with immediate effect,” adding that the sale was only intended to “clear remaining stock” and not a resumption of the gold coin minting program, which had already been halted in April 2024.
“This was a sale meant to clear remaining stock and not the minting of new gold coins,” Mushayavanhu said. “Future gold coin sales will be undertaken upon accumulation of a sizeable quantity from redemptions.”
However, financial analysts and market observers interpret the sudden halt as a sign that the regime is in panic mode—desperately trying to plug the widening holes in its monetary strategy amid currency depreciation, soaring inflation, and dwindling investor confidence.
“The government is clearly out of options,” said a Harare-based economist who requested anonymity. “They have no foreign currency reserves, inflation is spiraling, and now they can’t even sustain what was once seen as their flagship alternative asset.”
Critics argue that the abrupt nature of the announcement—coupled with the ongoing suspension of minting—suggests the Reserve Bank is running out of viable policy tools. The suspension leaves investors in limbo, with many questioning what instruments, if any, will replace the gold coin scheme.
While the RBZ attempted to reassure the public by stating that existing gold coins remain “tradeable and redeemable,” many fear this marks yet another policy backflip with long-term consequences for market trust.
“The central bank is trying to calm the storm, but the message between the lines is clear: they’re in a tight corner,” said another financial expert. “If gold coins are no longer a fallback, what’s next?”
The central bank concluded its statement by reaffirming its “commitment to continuously avail alternative financial market instruments,” but offered no specifics—raising further concerns about the country’s rapidly deteriorating economic direction.