Zimbabwe’s Gold, Foreign Reserves Up 87% – Hit U.S.$550 Million

THE Reserve Bank of Zimbabwe’s (RBZ) foreign currency reserves surged by 87% to reach US$550 million.

At inception in April 2024, the Reserve Bank of Zimbabwe (RBZ) claimed that minerals and foreign currency reserves backing up the ZWG stood at US$285 million, way above the thresholds to defend the local currency from unforeseen uncertainties.

The reserves consist of foreign currency and precious metals (mainly gold), from mining royalties, direct currency purchases from the interbank market and…