Midweek Reporter
HARARE- Gold holdings significantly improved from 1,5t in April 2024 to 4t in December 2025, a development that boosted reserve buffers and enhanced the country’s resilience to external shocks, RBZ Governor John Mushayavanhu has said.
Presenting a Monetary Policy Statement on Friday, Mushayavanhu said gold that is a key component of the foreign currency reserves greatly improved by over 250% by December 2025.
“Gold holdings, a key component of the foreign currency reserves, significantly improved from 1.5 tonnes in April 2024 to 4.03 tonnes by December 2025, representing an increase of over 250%,” Mushayavanhu said.
He noted that this development boosted reserve buffers and provided enough backing for the local currency, Zimbabwe Gold (ZiG).
“This has boosted reserve buffers and enhanced the country’s resilience to external shocks, while providing sufficient backing for the local currency, ZiG,” he said.
Mushayavanhu added that an increase in foreign currency reserves plays a critical role on strategic intervention in the interbank market as well as meeting all foreign payment invoices.
“The build-up of foreign currency reserves has supported strategic intervention in the interbank market and ensured that all bonafide foreign payment invoices are met.
He added, “The Reserve Bank intervened in the foreign currency interbank market to about US$1.5 billion between April 2024 and 20 February 2026. This has gone a long way in maintaining orderly market conditions and meeting legitimate foreign currency demand.”
Turning to export earnings performance by sector, Mushayavanhu said mineral exports contributed 75.5% of the total export earning, with gold export hitting 94.6% on account of favourable international prices.
“Mineral exports contributed 75.5% of the total export earnings. Gold export earnings registered significant growth of 94.6% on account of favourable international prices and resultant increased domestic output.”
He attributed gold’s increased price to heightened geo-political uncertainty.
“Increased geo-political uncertainty strengthened gold’s position as a safe haven asset, pushing prices upward and boosting export earning.”
