News / National
Mnangagwa presides over the RBZ handover takeover process
05 Apr 2024 at 05:11hrs | Views
President Emmerson Mnangagwa presides over the handover takeover process between new Reserve Bank of Zimbabwe (RBZ) governor John Mushayavanhu and his predecessor John Mangudya at the central bank building in Harare yesterday.
Mnangagwa was also there to check the RBZ asset holdings - gold and cash reserves in the vaults.
Mushayavanhu, who will introduce a new structured currency tomorrow, says the RBZ has 1.1 tonnes of gold and other precious minerals (which if converted to gold amount 0.4 tonnes), making it 1.5 tonnes locally and also 1 tonne of gold offshore, making it 2.5 tonnes of bullion.
This is worth US$175 million put together.
The central bank has US$100 million cash reserves, bringing the total to US$275 million.
This constitutes the cumulative reserves at RBZ to back the new currency to be launched today.
Mnangagwa was also there to check the RBZ asset holdings - gold and cash reserves in the vaults.
Mushayavanhu, who will introduce a new structured currency tomorrow, says the RBZ has 1.1 tonnes of gold and other precious minerals (which if converted to gold amount 0.4 tonnes), making it 1.5 tonnes locally and also 1 tonne of gold offshore, making it 2.5 tonnes of bullion.
The central bank has US$100 million cash reserves, bringing the total to US$275 million.
This constitutes the cumulative reserves at RBZ to back the new currency to be launched today.
Source - newshawks
