Online Reporter
Online Reporter
The Reserve Bank of Zimbabwe (RBZ) held 2.67 tonnes of gold valued at about US$224 million (ZiG5,7 billion) as of December 31, 2024, according to an audit conducted by BDO Zimbabwe.
The audit, which followed international standards, confirmed that the gold balance was fairly stated in all material respects.
“We have audited the gold balance of the Reserve Bank of Zimbabwe as at 31 December 2024,” said BDO Zimbabwe in a statement.
“In our opinion, the gold balance is fairly stated, in all material respects, in accordance with the Reserve Bank of Zimbabwe Act (Chapter 22:15) and its accounting policies which use IFRS as a guide.”
The audit was conducted in accordance with International Standard on Auditing (ISA) 805.
BDO emphasised that they maintained full independence and complied with the International Code of Ethics for Professional Accountants.
BDO highlighted key audit matters such as the existence, accuracy, and valuation of the gold balance.
“Our audit procedures included, but were not limited to reviewing documentation to confirm the Reserve Bank of Zimbabwe’s ownership rights over the gold, conducting physical verification, and assessing controls in place over safeguarding and recording the gold,” the firm noted.
Additionally, they performed independent valuations based on verified quantities and international gold prices.
Management was said to be responsible for maintaining accurate records and ensuring the security of the gold reserves.
This latest audit reaffirms the RBZ’s adherence to international financial reporting standards and best practices in managing the nation’s gold reserves.
