Zimbabwe's central bank wants to collect five tonnes of gold before this year ends. The Reserve Bank already holds 3,400 kilograms of the precious metal after President Mnangagwa visited their storage rooms on Thursday. Last year the bank only had 1,500 kilograms stored away. Mining companies pay half their fees using actual gold instead of money. This gold helps make the new ZiG currency stronger and more trusted.
The country suffered from terrible inflation problems before ZiG came along. People lost faith when money lost value quickly and prices kept rising. The International Monetary Fund team visited Zimbabwe recently and praised the progress made. They liked how inflation dropped and the currency became more stable. The ZiG money system works much better than before.
Bank workers showed the President 326 gold bars sitting inside secure vaults. Each bar weighs 10 kilograms and meets international purity standards. The bank also keeps special coins made from gold that people can buy. Miners bring different metals like platinum and diamonds that turn into gold reserves. Government officials convert these materials into pure gold for storage.
Financial experts believe the five-tonne goal can happen easily. Zimbabwe produces about 16 tonnes of gold during the first five months of 2025. The bank needs just 1.6 more tonnes to reach their target number. Other African countries visit Zimbabwe to learn about their gold-backed money system. The central bank plans to build better tracking technology to keep their gold safe from thieves.
The country suffered from terrible inflation problems before ZiG came along. People lost faith when money lost value quickly and prices kept rising. The International Monetary Fund team visited Zimbabwe recently and praised the progress made. They liked how inflation dropped and the currency became more stable. The ZiG money system works much better than before.
Bank workers showed the President 326 gold bars sitting inside secure vaults. Each bar weighs 10 kilograms and meets international purity standards. The bank also keeps special coins made from gold that people can buy. Miners bring different metals like platinum and diamonds that turn into gold reserves. Government officials convert these materials into pure gold for storage.
Financial experts believe the five-tonne goal can happen easily. Zimbabwe produces about 16 tonnes of gold during the first five months of 2025. The bank needs just 1.6 more tonnes to reach their target number. Other African countries visit Zimbabwe to learn about their gold-backed money system. The central bank plans to build better tracking technology to keep their gold safe from thieves.
