The Reserve Bank of Zimbabwe reports its foreign money holdings grew to US$550 million, marking an 87% rise.
When Zimbabwe started its gold-backed money (ZiG) in April 2024, the bank had US$285 million in reserves. These funds helped keep the new money strong against market changes.
The bank keeps gold and foreign money from mining fees, market buying, and direct gold purchases. Bank leader John Mushayavanhu said these holdings jumped from US$285 million to US$550 million by January 2025.
This growth means the bank has enough to back all ZiG money in use, about ZiG13 billion. The bank aims to keep enough reserves to match every ZiG in the system.
The bank sees good signs ahead. Money coming into Zimbabwe, plus mining fees paid in goods, makes the bank think its reserves will grow more in 2025.
When Zimbabwe started its gold-backed money (ZiG) in April 2024, the bank had US$285 million in reserves. These funds helped keep the new money strong against market changes.
The bank keeps gold and foreign money from mining fees, market buying, and direct gold purchases. Bank leader John Mushayavanhu said these holdings jumped from US$285 million to US$550 million by January 2025.
This growth means the bank has enough to back all ZiG money in use, about ZiG13 billion. The bank aims to keep enough reserves to match every ZiG in the system.
The bank sees good signs ahead. Money coming into Zimbabwe, plus mining fees paid in goods, makes the bank think its reserves will grow more in 2025.
