Zimbabwe’s Gold and Foreign Reserves Surge by 87%, Reaching US$550 Million
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The Reserve Bank of Zimbabwe (RBZ) has announced that the country’s foreign currency reserves have increased by 87%, reaching US$550 million.
At the beginning of this initiative in April 2024, the RBZ had reported that minerals and foreign currency reserves supporting the ZWG were at US$285 million, well above the required levels to safeguard the local currency from unforeseen uncertainties.
The reserves comprise foreign currency and precious metals, predominantly gold, sourced from mining royalties, direct currency purchases from the interbank market, and outright gold purchases.
RBZ governor John Mushayavanhu stated, “The total holdings of gold and foreign reserves have since increased by 87%, from US$285 million in April 2024 to around US$550 million as at the end of January 2025. This has also ensured the full coverage of the total ZiG deposits in the economy of around ZiG13 billion, thereby supporting the Reserve Bank’s currency and exchange rate stability objectives.”
The central bank highlighted that the reserves accumulation strategy focuses on ensuring that, at any point, the ZiG component of reserve money is fully backed.
Based on current trends in foreign exchange inflows, including in-kind royalties, the RBZ anticipates that the reserve accumulation strategy for 2025 will lead to a significant improvement in foreign reserve holdings.
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