Zimbabwe gold reserves rise to 3.4 metric tonnes

President Emmerson Mnangagwa today inspected the Reserve Bank of Zimbabwe (RBZ) vaults, where he was briefed on the status of the country's national gold reserves, which now stand at an impressive 3.4 metric tonnes.

The gold stockpile, built up through the conversion of royalties from other precious metals into gold, is a key part of the government's strategy to anchor the Zimbabwe Gold (ZiG) currency. The RBZ is targeting to expand these reserves to 5 metric tonnes by the end of 2025 as part of broader efforts to reinforce economic stability.

RBZ Governor Dr John Mushayavanhu, who accompanied the President during the inspection, said the current 3.4 tonnes of gold translate to ZIG19 billion in value-surpassing the 17 billion ZiG currently in circulation. He attributed the relative stability of the ZiG currency to the growth in reserves and improved fiscal discipline.

"This gold reserve position means that our currency is fully backed and even slightly over-covered, which is a critical confidence measure for both local and international markets,” said Dr Mushayavanhu.

President Mnangagwa, addressing the media after the tour, reiterated the strategic importance of gold reserves in ensuring currency stability. He said strong reserves are among the most essential fundamentals for maintaining public and investor confidence in the ZiG.

"Building these reserves is not just a matter of national pride; it is an economic imperative," the President said. "They give us the capacity to withstand external shocks and reinforce the credibility of our local currency."

The inspection of the gold vaults comes at a time when global economic uncertainties are driving many countries to increase their gold holdings. Zimbabwe, as a noted gold producer, is leveraging its mineral wealth to build a robust monetary foundation.

The gold reserve accumulation is also expected to enhance Zimbabwe's international standing and reduce reliance on external borrowing, aligning with the government's 2030 Vision of achieving upper-middle-income status.

President Mnangagwa said the RBZ's strategy reflects the Second Republic's commitment to reform and stability.

“This is the way forward-to build internal resilience through discipline and self-sufficiency,” he said.

Economic analysts say the inspection was not only symbolic but also a signal of transparency and commitment to sound monetary governance. The RBZ has pledged to continue monthly updates on reserve accumulation as part of its drive to maintain public trust in the ZiG.