Zimbabwe President Emmerson Mnangagwa praised the central bank for building up gold reserves during his visit to their vaults Thursday. The Reserve Bank of Zimbabwe has pushed the country's gold stockpile past three tonnes. This achievement makes Zimbabwe the sixth largest gold holder among African nations. Officials launched the gold-backed ZiG currency last April to strengthen the economy.
Mnangagwa said the milestone proves their strategy works. Two years ago leaders decided to collect more gold as backing for their money system. The president wants Zimbabwe to build financial strength using natural resources the country already has. Gold reserves help create a stable national currency that doesn't depend on foreign money. The vault inspection shows how far the gold accumulation program has advanced since it began.
Mnangagwa said the milestone proves their strategy works. Two years ago leaders decided to collect more gold as backing for their money system. The president wants Zimbabwe to build financial strength using natural resources the country already has. Gold reserves help create a stable national currency that doesn't depend on foreign money. The vault inspection shows how far the gold accumulation program has advanced since it began.
