President Mnangagwa Inspects Gold Reserves, Reaffirms ZiG Backing

President Emmerson Dambudzo Mnangagwa inspected the Reserve Bank of Zimbabwe (RBZ) vaults housing the country’s gold reserves, declaring the current stock of 3.4 metric tonnes, valued at 19 billion ZiG, as sufficient to back the 17 billion ZiG in circulation.

He said the reserves are a direct result of a presidential directive issued two years ago, mandating the RBZ to accumulate gold to anchor a stable national currency.

The President noted that the RBZ has been converting royalties from other precious metals into gold to boost reserves, a strategy aimed at sustaining confidence in the Zimbabwe Gold (ZiG) currency.

He further emphasized that a stable currency is crucial for long-term economic planning and resilience against global financial disruptions.

Mnangagwa revealed that the country is targeting 5 metric tonnes in reserves by year-end, a milestone that would place Zimbabwe among the top ten African nations with the highest gold holdings.