By: Further Africa

Zimbabwe has more than doubled its official gold reserves in the past year, with holdings reaching 3.4 tonnes as of 30 June 2025, up from 1.6 tonnes a year earlier, according to Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu.

In his mid-term monetary policy statement, Mushayavanhu credited the sharp increase to stronger foreign currency inflows and a deliberate central bank strategy to boost both gold and foreign exchange holdings.

The RBZ’s accumulation drive has gained momentum since the April 2024 introduction of the ZiG — a gold-backed currency replacing the Zimbabwe dollar. The ZiG is designed to serve as a stabilising anchor for the domestic economy by reinforcing market confidence and protecting against currency volatility.

Official data shows that between January and June 2025, Zimbabwe recorded foreign currency inflows totalling US$7.2 billion, up from US$5.9 billion in the same period of 2024. These inflows were driven largely by export revenues, diaspora remittances, and a government directive requiring mining companies to remit 50% of mineral royalties in physical commodities.

The growth in gold reserves is seen as a key step towards strengthening Zimbabwe’s monetary stability, improving reserve adequacy, and enhancing the country’s ability to manage external shocks. Analysts note that a solid reserve position is crucial for sustaining the credibility of the ZiG and for supporting trade and investment confidence.

With gold continuing to serve as a global hedge against inflation and currency risk, Zimbabwe’s strategy positions it more favourably in an uncertain economic climate. The RBZ is expected to maintain its focus on reserve accumulation while encouraging export growth and inflows from the mining sector.