Zimbabwe has recorded a key milestone in its efforts to stabilise the newly introduced Zimbabwe Gold (ZiG) currency, with reserves now standing at US$750 million, enough to cover one month of the country’s import requirements.
The development was confirmed by the Reserve Bank of Zimbabwe (RBZ), which has been steadily building up both foreign currency and gold reserves since the rollout of ZiG in April 2024.
Gold Reserves More Than Double
As at August 15, 2025, the RBZ held 3.5 tonnes of gold, valued at US$376 million. This marks a significant increase compared to 1.5 tonnes held in April 2024 when ZiG was first introduced.
RBZ Governor Dr. John Mushayavanhu explained that the central bank’s reserves accumulation strategy is central to the country’s monetary reforms:
“The objective is to strengthen the country’s reserve assets, thereby enhancing currency stability and supporting the envisaged economic growth trajectory,” he said.
Medium-Term Target: Three to Six Months Import Cover
While the current one-month import cover falls short of international standards, Dr. Mushayavanhu noted that the RBZ’s medium-term goal is to build reserves equivalent to three to six months of import cover — the global benchmark for economic resilience and currency stability.
The strengthening of reserves is expected to bolster confidence in the ZiG, reduce reliance on foreign currencies in domestic transactions, and advance Zimbabwe’s plan to transition towards a mono-currency regime.
Significance for Zimbabwe’s Economy
- Stability: A stronger reserve base provides a buffer against external shocks.
- Confidence-building: Growing reserves may improve market trust in the ZiG.
- Economic growth: Greater monetary stability supports the government’s wider growth agenda.
The ZiG, introduced as a structured currency backed by gold and foreign exchange, remains at the centre of Zimbabwe’s strategy to restore confidence in its financial system after years of inflationary pressures and currency volatility.
Source: The Zimbabwe Mail
