HARARE – The Reserve Bank of Zimbabwe (RBZ) says its goal is to accumulate 5 tonnes of gold reserves by the end of the year as these reserves are crucial for the stability of the nation’s new currency, the Zimbabwe Gold (ZiG).
The ZiG, launched in April of last year, is backed by gold and other precious metals. This initiative follows an instruction given two years prior by President Emmerson Mnangagwa to the RBZ to begin building the nation’s reserves of precious metals.
Currently the vaults hold 3.4 tonnes of gold, an increase of 2 tonnes from the last inspection. The other precious metals given to the State as royalties are being sold by the RBZ and the money used to buy more gold for stockpiling.
According to the Presidential Communications, Zimbabwe highlighted that, “the Central Bank is targeting to have 5 tonnes by the end of 2025.”
The current gold reserves are worth over US$700 million equivalent to 19 billion ZiG at the current rate whilst the country has 17 billion Zig in circulation.
The recent MPC resolutions noted the huge usage of the local unit in the country as a result of the prevailing stability in macroeconomic conditions.
