Zimbabwe’s official gold reserves have risen sharply, reaching 3.4 tonnes as of 30 June 2025, up from 1.6 tonnes recorded at the same time last year, according to Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu.
In a mid-term monetary policy statement, Mushayavanhu attributed the significant increase to stronger foreign currency inflows and a deliberate strategy to bolster both gold and foreign exchange holdings. The central bank’s accumulation efforts have intensified since the introduction of the ZiG — a gold-backed currency launched in April 2024 to replace the Zimbabwe dollar — which has been positioned as a stabilising anchor for the domestic economy.
Data from the RBZ indicates that between January and June 2025, the country registered foreign currency inflows totalling US$7.2 billion, compared with US$5.9 billion in the same period of 2024. These inflows were driven primarily by export revenues, remittances, and a government directive requiring mining companies to remit 50% of mineral royalties in physical commodities.
Mushayavanhu stated that the RBZ intends to continue increasing reserves in line with regional benchmarks, which suggest maintaining the equivalent of three to six months of import cover. This policy, he explained, is aimed at ensuring both currency stability and adequate buffers for essential imports.
The reserve build-up comes as Zimbabwe remains in discussions with the International Monetary Fund (IMF) over the potential establishment of a Staff-Monitored Programme (SMP). While the country is not currently under such a programme, the authorities have expressed interest in securing one as part of a broader effort to demonstrate fiscal discipline, enhance exchange rate management, and restore confidence in the monetary system.
In June, Mushayavanhu told Reuters that the RBZ’s strategy would be to actively accumulate reserves and maintain what he described as “an adequate buffer” to safeguard the ZiG and strengthen Zimbabwe’s capacity to weather external shocks.
