Mnangagwa Inspects RBZ Gold Vaults, Says ZiG Backed By Over 4 Tonnes Of Gold
President Emmerson Mnangagwa on Monday inspected the vaults of the Reserve Bank of Zimbabwe and declared that Zimbabwe’s gold-backed ZiG currency remains fully supported by growing national reserves.
The inspection comes as government intensifies efforts to strengthen confidence in the ZiG and stabilise the country’s monetary system through increased gold accumulation and foreign currency reserves.
In a statement following the visit, Mnangagwa said Zimbabwe now holds more than four metric tonnes of gold alongside foreign currency reserves, positioning the country among Africa’s leading holders of official gold reserves.
According to the President, Zimbabwe currently ranks 11th in Africa and third in the SADC region in official gold reserves after government moved two years ago to accumulate mineral royalties in physical gold form.
“With over four metric tonnes of gold and foreign currency reserves, our ZiG currency remains fully backed and resilient to global economic shocks,” Mnangagwa said.
He described the reserves as “tangible assets” underpinning Zimbabwe’s monetary sovereignty and long-term economic stability.
Authorities are now targeting five metric tonnes of gold reserves by year-end as government pushes to further consolidate the ZiG framework introduced in April 2024 to contain exchange rate instability and restore monetary conf
This is where Zambia was headed before the calamity government was imposed on us.