Online Reporter
Harmony Agere
PRESIDENT Mnangagwa today inspected the Reserve Bank of Zimbabwe vaults, where he was given an update on the country’s national gold reserves, which are now standing at 3.4 metric tonnes.
The RBZ has been steadily converting royalties from other precious metals into gold to stockpile reserves and ensure confidence in the ZiG.
The central bank is targeting to build reserves up to 5 metric tonnes by the end of 2025.
RBZ Governor, Dr John Mushayavanhu, said the current 3.4 tonnes of gold equate to ZIG19 billion, exceeding the 17 billion ZiG currently in circulation.
He credited the stability of the currency to the growing reserves and improved fiscal management.
The move is seen as a cornerstone of the government’s broader economic plan to restore confidence, promote investment, and shield the currency from external shocks.
In his address to the media soon after inspecting the vaults, the President said the reserves are critical as one of the fundamentals that are needed for a stable national currency.
