Zimbabwe gold reserves rise to 4,48 tonnes

President Emmerson Mnangagwa this morning visited the Reserve Bank of Zimbabwe to inspect the country's current gold reserves, as Zimbabwe continues strengthening its bullion-backed reserve strategy.

Officials confirmed that Zimbabwe's gold reserves now stand at 4,48 tonnes, placing the country 11th on the African continent in terms of gold holdings. Within the Southern African Development Community (SADC), Zimbabwe ranks third behind South Africa, which holds 125,5 tonnes, and Mauritius with 12,4 tonnes.

The inspection comes as Zimbabwe intensifies efforts to build strategic reserves through a recently adopted policy requiring part of mining royalties to be paid in gold. Under the arrangement, 10 percent of all gold mined in the country is being channelled towards national reserves.

Authorities said the policy has significantly increased bullion inflows into the central bank's vaults, with monthly deliveries steadily growing.

Sources familiar with the development indicated that the vault currently used to store the bullion is beginning to experience space constraints due to the rising volumes of gold being accumulated.

During the visit, President Mnangagwa was briefed on the country's reserve management systems, including mechanisms used to ensure transparency and accountability in the handling of gold and foreign currency assets.

Two independent auditing firms are responsible for scrutinising both the gold and foreign currency reserves in order to authenticate Zimbabwe's total reserve position and ensure the integrity of the country's strategic holdings.

The accumulation of gold reserves is part of broader measures by the Government aimed at strengthening monetary stability, enhancing confidence in the economy and supporting the country's foreign currency reserves.