DMCC bats for first legal tender gold coin

DMCC bats for first legal tender gold coinThe Dubai Multi Commodities Centre (DMCC) has proposed that UAE Central Bank should take lead by introducing a legal tender gold coin which could be used as a vehicle to invest in pure gold. Such investment vehicles in the pure gold are already popular in Australia and South Africa under the Australian Nugget and South African Krugerrand.

DMCC has also proposed the design of the coins which shows the image of President His Highness Shaikh Khalifa Bin Zayed Al Nah-yan and the World's tallest tower and most recognized landmark, Burj Khalifa on its different sides.

Mohammed Bin Sulayem, Executive Chairman of DMCC added, "This is a great time to launch a reliable, easily transacted legal tender gold coin, since the current level of interest in gold investment is the highest it has ever been globally, the timing couldn't be better."

The exchange had introduced 22-carat UAE's first souvenir commemorative gold coin in 2007 which attracted a large number of buyers. DMCC, on the other hand, has also been making efforts to have its separate royal charter and balance sheet.