New RBZ Governor Exposes Mnangagwa
5 April 2024
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By Business Reporter- In a startling disclosure, the Reserve Bank of Zimbabwe has unveiled the country’s gold reserves amounting to 2.5 tonnes alongside US$300 million in cash and other mineral reserves amidst economic struggles.

RBZ Governor John Mushayavanhu made the revelation on Thursday, stating that of the total gold reserves, 1.5 tonnes are securely held within the central bank’s vaults, while one tonne is stored offshore.

This disclosure comes at a time when Zimbabwe’s economy faces significant challenges, prompting public speculation about the potential beneficiaries of such reserves, particularly within President Emerson Mnangagwa’s inner circles.

Mushayavanhu clarified, “I can confirm that we have 1.1 tonnes of gold and other precious minerals in the form of diamonds, which, if converted to gold, will amount to 0.4 tonnes, bringing our total gold reserves to 1.5 tonnes.” He further outlined that the 2.5 tonnes of gold and other precious minerals are currently valued at US$175 million based on prevailing market prices.

Economic commentator Professor Gift Mugano, however, cast doubt on the adequacy of these reserves to support a structured currency, even when factoring in anticipated forex inflows from exports, diaspora remittances, and credit. According to Mugano, the disclosed reserves fall significantly short of providing a sustainable foundation for currency stability, with calculations indicating less than a month’s worth of import cover.
Addressing journalists’ inquiries, George Guvamatanga, the Permanent Secretary for Finance, Economic Development, and Investment Promotion, asserted that the Treasury holds an additional US$300 million in reserves, supplementing the RBZ’s indicated figures. Guvamatanga emphasized the necessity of maintaining reserves for the functioning of the government and assured that the combined reserves exceed one month’s worth of import cover.
Mushayavanhu is poised to unveil the much-anticipated 2024 Monetary Policy Statement today, which is expected to introduce a new structured currency aimed at tackling inflation and other persistent economic challenges. Speculation abounds regarding the nature of this currency, with widespread anticipation of a gold-backed system signaling a potential shift toward greater economic resilience.