ZimbabweāsĀ āRTGS Dollarā Can Be Used to Purchase New Gold Coins; Not So for 2008 Zim Inflation Currency
Zimbabwe's Central Bank recently introduced a new set of gold coins in a bid to boost the country's economy. The coins, which come in denominations of 2, 5, 10, and 20 Zimbabwean dollars, are said to be made from locally sourced gold.
The introduction of the new coins has been met with mixed reactions, with some Zimbabweans expressing excitement at the prospect of having a new form of currency, while others have raised concerns about the practicality of using gold coins in everyday transactions.
Which Zim Currencies Can Be Used to Purchase the Coins?
One of the main questions that has been raised is whether RTGS (Real Time Gross Settlement) dollars can be used to purchase the gold coins. RTGS dollars are Zimbabwe's official currency and are used for electronic transactions, but they are not widely accepted by all merchants.
According to the Reserve Bank of Zimbabwe, the new gold coins can be purchased using any form of legal tender, including RTGS dollars. This means that Zimbabweans who have RTGS dollars can use them to buy the gold coins.
What about Zimbabweās 2008 Hyperinflation Currency?
Unfortunately for collectors around the world who have made the 2008 $100 Trillion Zimbabwe banknote one of the most popular numismaic collectibles of all-time, they wonāt be able to help land the new gold Zimbabwe coins.
The reason is rather simple. 2008 Zimbabwean money cannot be used to buy anything, much less cold coins. In 2008-2009, Zimbabwe experienced hyperinflation, and as a result, the currency became practically worthless. In response, the Zimbabwean government abandoned the Zimbabwean dollar and adopted a multi-currency system. The primary currencies used in Zimbabwe are now the US dollar, the South African rand, and other foreign currencies. At the height of the hyperinflation, Zimbabwe released a $100 trillion dollar bill, which at its height was worth something like $1.36 USD.
Gold coins, like any other goods or services, typically require a recognized currency or a form of payment that is widely accepted. Since the 2008 Zimbabwean money is no longer in use and has no value, it cannot be used to purchase gold coins or any other items. If you're interested in buying gold coins, you would need to use a recognized currency or another form of payment accepted by the seller.
However, while officiallt the RTGS dollar can be used to purchase the coins, some experts have warned that using RTGS dollars to purchase gold coins may not be the most practical option. This is because the value of gold is constantly fluctuating, and it may be difficult for merchants to accurately determine the value of the coins in RTGS dollars.
Despite these concerns, the introduction of the new gold coins is seen as a positive step towards stabilizing Zimbabwe's economy, which has been struggling for years due to hyperinflation and a shortage of foreign currency.
The use of gold as a form of currency is not new in Zimbabwe. The country has a rich history of gold mining, and gold was once used as a medium of exchange before the introduction of paper currency.
In recent years, there has been a renewed interest in gold as a form of currency, with some countries, such as China and Russia, increasing their gold reserves in an effort to diversify their currencies.
The introduction of the new gold coins in Zimbabwe is therefore seen as a step towards aligning the country with this trend. It remains to be seen whether the coins will be widely adopted by Zimbabweans, but for now, they represent a glimmer of hope for a country that has been through so much economic turmoil in recent years.
