President inspects RBZ gold reserve, ahead of mone...

President inspects RBZ gold reserve, ahead of monetary policy statement

Oscar J Jeke

President Emmerson Mnangagwa has this morning inspected the Reserve Bank of Zimbabwe gold reserve ahead of the pronouncement of the 2024 monetary policy statement and the launch of the “structured currency” tomorrow at midday.

The new currency will be gold-backed, prompting the president’s review of the reserves as preparation for the launch.

The inspection found that the country has 1.1 tonnes of gold at the central bank, another 1.5 tonnes held offshore, with the central bank, saying it has US$100 million cash reserves.

President Mnangagwa said after touring the reserve: “Today, I toured and inspected the Reserve Bank’s gold reserves, a pivotal step in backing our new structured currency. This move reinforces our commitment to economic stability and lays the foundation for a prosperous future.”

Finance Ministry Permanent Secretary, George Guvamatanga is reported to have assured the President that the gold reserves are “more than enough” to back the new currency.

Reserve Bank of Zimbabwe Governor, John Mushayavanhu said: “One of the first things I had to upon taking over was to verify the assets that the central bank owns, in particular, the cash holdings that we have, the gold and other precious minerals that we are also holding as 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 will be equal to 0.4 tonnes of gold making a total of 1.5 tonnes of what we are holding.”