President Emmerson Mnangagwa was impressed with the country’s gold reserves after inspecting bullion ahead of his 2024 monetary policy statement on Friday.
The President received an update on the reserves in the vaults, with Reserve Bank of Zimbabwe Governor, Dr. John Mushayavanhu, revealing that the country has gold reserves worth 1.5 tonnes, of which 1.1 tonnes is in the form of pure gold, while the remainder is in other metal forms.
“The gold in the vaults is 1.1 tons, 1.5 tons converted, and we have other gold outside. So, in total in gold repair, the cash balance is $100 million in cash.”
Under President Mnangagwa’s government, the country now stores 10% of its minerals in the form of gold.
After inspecting the gold reserves, the President spoke to the media.
“With the Fed, we normally go in, but this time I decided I wanted to actually see the assets, because in the past we didn’t have any commodity reserves, and we sold them all off. Then I instructed the new governors that 10 percent of our metals be held in hard commodities.” , that is, 10 percent of platinum or any other metal that we cover with gold. We have been doing this for 18 months, and I felt that I had to do a physical examination, and I am convinced that the outgoing governor kept my instructions because for the first time we have pure gold. “The president said: “Before A few months ago, I went out and inspected the country’s gold reserves there, and I won’t say where.”
In addition to the US$100 million in gold reserves, the Permanent Secretary of the Ministry of Finance and Economic Development, Mr. George Guvamatanga, revealed that banks hold US$300 million in reserves for the country.
“As the government of Zimbabwe, we have in various Zimbabwean banks US$300 million plus other verifiable reserves, so if we add everything up, we have more than enough,” he said. zbc
“I can confirm that we have 1.1 tons of gold and other precious metals in the form of diamonds which if converted into gold would equal 0.4 tons of gold making a total of 1.5 tons of what we hold” – Fed Governor John Mushayavanhu
📹: @stozvirevaa pic.twitter.com/8m6JpeQ2Yw– Newsday Zimbabwe (@NewsDayZimbabwe) April 4, 2024
