https://en.sputniknews.africa/20250113/zimbabwes-reserves-rise-to-533-mln-amid-record-gold-output-boost-currency-stability-central-bank-1070161148.html
Zimbabwe's Reserves Rise to $533 Mln Amid Record Gold Output, Boost Currency Stability: Central Bank
Zimbabwe's Reserves Rise to $533 Mln Amid Record Gold Output, Boost Currency Stability: Central Bank
Sputnik Africa
In 2022, Zimbabwe implemented regulations requiring 50% of mining royalties for gold, diamonds, platinum group metals, and lithium to be paid to the state in... 13.01.2025, Sputnik Africa
2025-01-13T17:09+0100
2025-01-13T17:09+0100
2025-01-13T17:50+0100
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zimbabwe
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Zimbabwe's reserves surged to $533 million amid record gold production in 2024, boosting the stability of the national currency, the Zimbabwe Gold (ZiG), the Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu told a local media outlet.The increase of the reserves, which now include 2.67 tonnes of gold valued at $228 million held by the Reserve Bank of Zimbabwe, is attributed to record gold production, 36.48 tonnes in 2024, a 21% increase on the previous year, providing foreign currency earnings and backing for the ZiG currency, the governor noted.The RBZ is considering introducing higher ZiG denomination notes to improve transactions, with the volume carefully managed to maintain economic stability.Last April, the RBZ introduced the ZiG as a stable currency backed by US dollars, gold reserves and other precious minerals. It initially traded at around 13 ZiG to $1, reaching a level of 24.5 ZiG to $1 in October. However, the current exchange rate is approximately 9.9 ZiG to $1.
https://en.sputniknews.africa/20241115/zimbabwe-taking-steps-to-stabilize-local-currency-amid-concerns-about-its-value-says-minister-1069247515.html
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zimbabwe, economy, southern africa, emmerson mnangagwa, reserves, finance, gold, gold miners, zimbabwe gold (zig), central bank, local currency, currency, us dollar
zimbabwe, economy, southern africa, emmerson mnangagwa, reserves, finance, gold, gold miners, zimbabwe gold (zig), central bank, local currency, currency, us dollar
Zimbabwe's Reserves Rise to $533 Mln Amid Record Gold Output, Boost Currency Stability: Central Bank
17:09 13.01.2025 (Updated: 17:50 13.01.2025) Elizaveta Roschina
Writer/Editor
In 2022, Zimbabwe implemented regulations requiring 50% of mining royalties for gold, diamonds, platinum group metals, and lithium to be paid to the state in minerals themselves, with the remaining 50% paid as 40% Zimbabwean dollars and 10% foreign currency. This move aimed to bolster the country's precious metal reserves.
Zimbabwe's reserves surged to $533 million amid record gold production in 2024, boosting the stability of the national currency, the Zimbabwe Gold (ZiG), the Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu told a local media outlet.
"The boost in gold output has led to higher gold holdings needed to support and cover the ZiG. Consequently, as of January 9, 2025, the available foreign reserves (reserve cover) held by the Reserve Bank in the form of gold and foreign currency cash were about $533 million, representing more than three times the actual reserve money," he said.
The increase of the reserves, which now include
2.67 tonnes of gold valued at
$228 million held by the Reserve Bank of Zimbabwe, is attributed to
record gold production,
36.48 tonnes in 2024, a 21% increase on the previous year, providing foreign currency earnings and backing for the ZiG currency, the governor noted.
The RBZ is considering introducing higher ZiG denomination notes to improve transactions, with the volume carefully managed to maintain economic stability.
"Going forward, the RBZ expects to progressively increase the proportion of cash to total deposits to 5%, which is close to countries with similar economic structures in the region," Mushayavanhu added.
Last April, the RBZ introduced the ZiG as a stable currency backed by US dollars, gold reserves and other precious minerals. It initially traded at around 13 ZiG to $1, reaching a level of 24.5 ZiG to $1 in October. However, the current
exchange rate is approximately 9.9 ZiG to $1.
