Zim has 2.5 tonnes of gold reserves

Zimbabwe gold reserves

Zimbabwe has a total of 2.5 tonnes of gold reserves ahead of the launch of the country’s new currency, which will be backed by the nation’s gold reserves.

President Emmerson Mnangagwa yesterday toured the Reserve Bank of Zimbabwe (RBZ)‘s vaults on Thursday in anticipation of the unveiling of a new gold-backed currency by Governor John Mushayavanhu on Friday.

The vaults currently house 1.1 tonnes of gold. Other precious minerals, such as diamonds, when converted to gold (value), would contribute an additional 0.4 tonnes. This brings the total held in the vaults to 1.5 tonnes, with an additional 1 tonne held offshore, making it a total of 2.5 tonnes of gold reserves.

“I can confirm that we have 1.1 tonnes of gold and other precious minerals in the form of diamonds which, if converted to gold, would equal 0.4 tonnes, making a total of 1.5 tonnes in our possession.

“We also have another tonne of gold held offshore. In total, when considering our gold reserves, we are talking about 2.5 tonnes, valued at about US$225 million, along with US$100 million in cash,” stated RBZ Governor John Mushayavanhu.

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Speaking about the tour, President Mnangagwa emphasized the significance of displaying the gold reserves, underscoring the importance of this precious metal for Zimbabwe’s economic stability and progress. Gold has always been a valuable asset, and its effective management is crucial for securing a stable financial future for the country.

“In the past, we did not possess any reserves in commodities at the RBZ. The Reserve Bank’s gold reserves represent a crucial step in backing our new structured currency. This move reinforces our commitment to economic stability and lays the foundation for a prosperous future,” President Mnangagwa said.

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