On August 1, local time, the Reserve Bank of Zimbabwe (Central Bank) announced that it will release another 2,000 "Thunder and Rain" gold coins into the market this week to meet the needs of businesses and individuals.
Zimbabwe began to issue "Thunder and Rain" gold coins on July 25, and put 2,000 gold coins into the market as a means of storing value.
In the case of Zimbabwe's national currency Zimbabwe dollar continued to depreciate, many companies and individual buyers took the time to make purchases.
Within a week, 1500 gold coins have been successfully sold.
Zimbabwe Reserve Bank Governor Mangudia said on August 1 that in the past week, 85% of gold coins were bought with Zimbabwe dollars, and the remaining 15% of gold coins were bought with foreign currencies.
Opinions on the introduction of the gold coin are mixed.
Some observers say those who introduced the gold coins are elitist and exclude low-income groups.
The coins hit the market at $1,823.83 each, well beyond the reach of many Zimbabweans.
A member of the Zimbabwe central bank's monetary policy committee believes that by issuing gold coins, the central bank can significantly reduce excess cash in the market, reduce demand for dollars and prevent the devaluation of the Zimbabwe dollar.
(He Xu, Headquarters reporter)