2451) "Mosi-oa-Tunya Waterfalls", Zimbabwe: A Gold Bullion Coin issued by the Reserve Bank of Zimbabwe which is positioned to solve the country's inflation problem: Date of Coin issue: 25.07.2022:
The Obverse and Reverse of the Gold Bullion No denomination Coins seen against a background representation of the "Mosi-oa-Tunya" ("The Smoke That Thunders") waterfalls.
The Reserve Bank of Zimbabwe has brought out new gold bullion coins on the 25.07.2022, which are intended to act as a form of National Currency in place of the beleaguered Zimbabwean dollar and to help solve the country's inflation problem.
The coins are named after “Mosi-oa-Tunya” (formerly called "Victoria Falls"), Africa’s largest waterfall that spans 1.7-kilometer (1.1 mile) located between Zambia and Zimbabwe.
The Roller Coaster ride of the Zimbabwean Dollar:
Zimbabwe’s dollar, introduced just after majority rule in 1980, was finally abandoned after the inflation-ravaged currency became worthless by 2009.
The Reserve Bank of Zimbabwe was compelled to allow foreign currencies, including the Indian Rupee, to be used in commerce.
Ten years later, the government and Reserve Bank reintroduced first a Bond Note Currency, then a Standalone Dollar, but since its introduction, it has rapidly lost value again due to a lack of public confidence.
Annual inflation, which hit almost 192% in June 2022, casts a shadow over any attempts to revitalise the economy.
The Reserve Bank of Zimbabwe has introduced the sale of these gold coins in an effort to support the beleaguered currency’s value, though the most recent version of the Zimbabwe dollar is not backed up by the value of any precious metal, as such.
Zimbabwe produces substantial gold every year and this is an effort to shore up its economy.
The Gold Coins are positioned as a store of value for the buyer:
- The coins, which carry no specific denomination, are named “Mosi-oa-Tunya,” (formerly "Victoria Falls", and contain one troy ounce (31.1 grams) of gold.
- The coins’ intended use is that they may be held as a store of personal capital, be converted into cash, and traded both locally and internationally.
- The coins are minted in 22-carat gold, and each will be individually serial-numbered with the purchaser being issued a "Bearer Ownership Certificate" after taking physical possession.
- The purchaser of the coin will also have the choice to place it in the custody of bankers of their own choosing, in which case a “safe custody certificate/receipt” will also be issued.
- This is the latest in a series of measures by authorities to stem a decline in the Zimbabwean dollar that’s spurred inflation to nearly 200%. The government hopes it will break the demand for dollars.
- Surging prices have sparked calls from state workers including teachers and nurses to be paid in the US currency.
- The 22-carat coins are available for sale, which the purchaser can pay in either Zimbabwean Dollars, U.S. Dollars, or other foreign currencies at a price based on the prevailing international spot price of gold posted daily by the Reserve Bank plus a 5% premium which is meant to meet the cost of production.
- Members of the public can purchase the coins through the Reserve Bank and its subsidiaries with proof of identification such as a passport or residence card.
- Once purchased from banks and approved dealers, the terms to purchase the gold also include - "the coin must be kept for at least 180 days, in line with the need to promote a savings culture in the country”, before it can be sold, after which the Reserve Bank guarantees a buy-back for the posted spot price.
- In addition, sales of the gold coins by the Reserve Bank’s agents will be subject to "Know Your Customer" (KYC) principles in line with international regulations, which include a declaration of the source of funds.
- Fidelity Gold Refinery, the company which is behind the coins’ production will also handle retail sales of the "Mosi-oa-Tunya" Gold Bullion Coins, as well as, commercial local banks and selected international banking partners.
About Mosi-oa-Tunya National Park and Falls:
Mosi-oa-Tunya National Park is a UNESCO World Heritage site that is home to one half of the "Mosi-oa-Tunya" - ("The Smoke that Thunders") on the Zambezi River.
The river forms the border between Zambia and Zimbabwe, so the falls are shared by the two countries, and the park is twin to the "Mosi-oa-Tunya National Park" on the Zimbabwean side.
"Mosi-oa-Tunya" comes from the Kololo or Lozi language, and the name is now used throughout Zambia and in parts of Zimbabwe.
The wildlife park includes tall riverine forest with palm trees, miombo woodland and grassland with plenty of birds, and animals including Angolan giraffe, Burchell's zebra, warthog, sable, African buffalo, impala and other antelope, Southern white Rhinos, African elephants, Hippopotamus, crocodiles, vervet monkeys, baboons. Animal numbers have fallen in droughts since 2000.
The falls section of the National Park includes the rainforest on the cliff opposite the Eastern Cataract, which is sustained by spray from the falls, which contains plants rare for the area such as pod mahogany, ebony, ivory palm, wild date palm and a number of creepers and lianas. Small antelopes and warthogs inhabit this area, and may also be seen in on the paths through the riverine forest leading to the falls.
In the area directly before the river plunges over Mosi-oa-Tunya Falls, there is a small undeveloped stretch of the park which is currently the only riverfront location which is a crucial location for elephants to cross the river.
The tops of the deep gorges below the falls can be reached by road and walking tracks through the park and are good places to see klipspringers, clawless otters and 35 species of raptors, such as the Taita falcon, Verreaux's eagle, peregrine falcon and augur buzzard, all of which breed there.
The Gold Bullion Coins:
The specification of the Gold Bullion Coins are:
Country of issue: Zimbabwe; Date/Year: 2022; Coin Theme: "Mosi-oa-Tunya" ("The Smoke That Thunders"); Denomination/Face Value: N.A.; Metal Composition: .9167 Fineness Gold (Au) or 22.00 Carat Gold; Weight: 1.00 Oz or 31.1 grams; Diameter/Size: 32.00 mm; Coin Quality: Bullion; Minted by: Reserve Bank of Zimbabwe; Mintage: unilimted pieces (depending on demand); Serially numbered: Yes, Purchaser is also issued a "Bearer Ownership Certificate" after taking physical possession.
Santosh Khanna has commented:
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DeleteRsanker Sharma has commented:
ReplyDelete"A very informative and interesting post."
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DeleteRajan Trikha has commented:
ReplyDelete"Very informative 👍"
Thank you so much, Trikha sahab.
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