Zimbabwe’s Gold Reserves Reach 3.4 Metric Tons, Mnangagwa Inspects RBZ Vaults
Zimbabwe’s gold reserves have grown to 3.4 metric tons to back the Zimbabwe Gold (ZiG) currency, introduced in April 2024.
President Emmerson Mnangagwa inspected the Reserve Bank of Zimbabwe’s (RBZ) gold vaults on Thursday, reaffirming the administration’s commitment to strengthening the currency’s fundamentals through mineral-backed reserves.
The RBZ aims to increase its gold holdings to 5 metric tons by year-end.
Speaking after the tour, President Mnangagwa said the growing reserves are essential for maintaining currency stability and building a resilient economic framework.
“This milestone is a direct result of the policy decision made two years ago to accumulate gold reserves as a foundation for a stable and sovereign national currency,” he said.
Mnangagwa described the reserves policy as a long-term resilience measure and a central pillar of Zimbabwe’s ongoing economic reform agenda.
The government has also introduced reforms to formalise the gold sector, boost production, and curb smuggling, aiming to ensure mineral wealth contributes directly to national development.
RBZ Governor John Mushayavanhu stated that current reserves are sufficient to support the ZiG in circulation, attributing the currency’s recent stability to fiscal discipline and tight monetary policy.
The ZiG has remained relatively stable since its launch, a trend recognised by the International Monetary Fund, which this week praised Zimbabwe’s macroeconomic management and inflation control.
The gold accumulation programme–based on local purchases and refined production stored at the central bank–has become a core feature of Zimbabwe’s monetary strategy. RBZ officials noted that bolstering gold reserves not only underpins the currency but also enhances resilience to global financial instability.
“As geopolitical uncertainty rises, many countries are turning to gold as a stable asset. Zimbabwe, as a significant gold producer, is well positioned to follow this global trend,” a central bank official said.
The initiative reflects broader international patterns, with countries such as China, Russia and Turkey also increasing their gold holdings to hedge against inflation and currency fluctuations.
According to official figures, Zimbabwe produced more than 30 tonnes of gold in 2024, with a growing share retained by the RBZ under the reserve accumulation strategy.
By New Zimbabwe.
