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Mnangagwa satisfied after RBZ gold reserves inspection
2 hrs ago |
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President Emmerson Mnangagwa today visited the Reserve Bank of Zimbabwe (RBZ) in Harare to inspect the country's current gold reserves and assess the stability of the financial system.
He was informed that Zimbabwe's gold holdings now stand at 4.48 tonnes, placing the country as the 11th largest holder of gold reserves in Africa and third in the Southern African Development Community (SADC).
RBZ Governor Dr John Mushayavanhu said the reserves have grown by about one tonne since the President's previous visit last year. He also indicated that the country currently has over US$1.4 billion backing the Zimbabwe Gold (ZiG) currency, largely supported by gold holdings.
During the visit, President Mnangagwa expressed satisfaction with the state of the reserve system, saying he was pleased with its stability and operational integrity.
The visit forms part of ongoing government efforts to reinforce confidence in the country's monetary system and strengthen backing for the local currency through increased gold and foreign asset reserves.
He was informed that Zimbabwe's gold holdings now stand at 4.48 tonnes, placing the country as the 11th largest holder of gold reserves in Africa and third in the Southern African Development Community (SADC).
During the visit, President Mnangagwa expressed satisfaction with the state of the reserve system, saying he was pleased with its stability and operational integrity.
The visit forms part of ongoing government efforts to reinforce confidence in the country's monetary system and strengthen backing for the local currency through increased gold and foreign asset reserves.
Source - The Chronicle
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