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Thursday, July 18, 2024

President Mnangagwa inspects gold reserves at the RBZ

Story by Josephine Mugiyo, Diplomatic Correspondent

PRESIDENT Emmerson Mnangagwa has been impressed by the country’s gold reserves after inspecting the bullion ahead of the 2024 Monetary Policy Statement this Friday.

The President was given an update of the reserves in the vaults, with Reserve Bank of Zimbabwe Governor, Dr John Mushayavanhu disclosing that the country has 1,5 tonnes worth of gold reserves, 1,1 tonnes which are in solid gold form, while the remainder is in other mineral forms.

“The gold in the vaults 1,1 tonnes, 1,5 tonnes converted we have other gold offshore. So, in total in the form of gold reform, cash balance is US$100 million in cash,” he said.

Under the President Mnangagwa led government the country now stores 10% of its minerals in gold form.

After he inspected the gold reserves, the President spoke to members of the media.

“With RBZ we just normally walk in, but this time I decided I want to physically see the assets, because in the past we did not have any reserves of commodities, we sold all. I then gave instructions to the new governors that 10 percent of our minerals be kept in solid commodity, that is 10 percent of platinum or whatever mineral we are covering that to gold. We have been doing that for 18 months, I felt I must inspect physically, and I’m satisfied that the outgoing governor reserved my instructions because for the first time we have solid gold. A few months ago, I went outside, and I inspected the country’s gold reserves there, I won’t say where,’ said the President.

In addition to the gold reserves and the US$100 million, the Permanent Secretary in the Ministry of Finance and Economic Development, Mr George Guvamatanga disclosed that banks are holding US$300 million as the country’s reserves.

“As the Government of Zimbabwe, in various banks of Zimbabwe we have US$300 million US over and above the other reserves which can be verified, so if we add everything, we have more than enough,” he said.

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