Mnangagwa inspects Zimbabwe's gold reserves

President Emmerson Mnangagwa conducted an inspection of the Reserve Bank of Zimbabwe (RBZ) vaults on Thursday, where officials informed him that Zimbabwe possesses 1.1 tonnes of gold.

This visit was part of the transition process from the outgoing governor, Dr. John Mangudya, to the incoming Dr. John Mushayavanhu, with the objective of assessing the gold and cash reserves held by the bank.

Zimbabwe also holds 1.5 tonnes of gold offshore, deemed sufficient to support the Zimbabwean dollar, as stated by George Guvamatanga, the Permanent Secretary of the Finance Ministry.

Following the tour, Mnangagwa addressed delegates, highlighting his administration's efforts to reform the operations of the central bank.

"In the past, our reserves and commodities were lacking here at the RBZ. Therefore, I instructed that 10% of our minerals be stored in solid commodities. If it's platinum, 10% is converted into gold. For other minerals that cannot be physically stored, they are converted into gold," he explained.

Mnangagwa also emphasized that the practice of physical handover aligns with the Second Republic's commitment to ensuring smooth transitions.

The tour took place shortly before the anticipated unveiling of the Monetary Policy Statement (MPS) expected on Friday.

Dr. Mushayavanhu faces significant challenges, particularly concerning the volatile stability of the Zimbabwean dollar, which has depreciated by over 70%. This has left ordinary citizens grappling with severe hardships as they strive for a decent standard of living.

However, information suggests that he intends to implement various measures, including the introduction of a Structured Currency, aimed at fostering confidence and addressing the persistent instability of the local currency.