Zimbabwe boosts gold reserves to 3.4 metric tons to support ZiG currency
In a post on X, the department said President Emmerson Mnangagwa toured the gold vaults of the Reserve Bank of Zimbabwe (RBZ) on Thursday. The RBZ plans to increase national gold reserves to 5 metric tons by the end of this year.
In his address to the media after the inspection, Mnangagwa said the reserves are critical, serving as one of the key fundamentals needed for a stable national currency.
RBZ Governor John Mushayavanhu said the current gold reserves held by the central bank are more than sufficient to back the ZiG in circulation. He said the ongoing stability of the local currency is a result of rising reserves and sound fiscal policies.
The ZiG, launched last April as Zimbabwe's latest attempt at currency reform, has remained largely stable in recent months due to the central bank's tight monetary policy stance.
On Wednesday, the International Monetary Fund praised Zimbabwe's macroeconomic stability, noting that the country's disciplined policies have helped stabilize the ZiG and reduce inflation.
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