Скачать или смотреть Zimbabwe’s reserves backing the ZiG currency rise to $533 million

The reserves backing the Zimbabwe Gold (ZiG) currency in the Reserve Bank of Zimbabwe (RBZ) have risen to $533 million. The ZiG is backed by gold and foreign currency. As mentioned by The Zimbabwe Mail, the RBZ now has 2.67 tons of gold valued at $228 million in its vaults whereas it only had 1.5 tons of gold when the ZiG was launched in April 2024. The central bank’s gold holdings have risen drastically due to the government implementing a new mining royalty system in October 2022 that requires mining companies to pay 50% of their royalties in the minerals they excavate. Minerals targeted by the new policy include gold, diamonds, lithium, platinum group metals, and other precious stones and metals. The bank can sell the royalties in the form of precious minerals or metals for money or for any other precious mineral or metal it deems fit to back the ZiG. Another factor in the increase of gold reserves is the increase in gold production in Zimbabwe to 36.48 tons in 2024 from 30.10 tons in 2023. According to AI Overview, Zimbabwean artisanal and small-scale miners produce around 60% of the country’s total gold output. The current circulation of the ZiG is ZiG183 million, which is the equivalent of $22.6 million. The RBZ intends to increase the proportion of cash in circulation to total deposits (the reserve ratio) to 5% like other central banks in the region. However, a typical reserve ratio in the world is around 10%, although it can change depending on a government’s economy. Central bank governor John Mushayavanhu is considering introducing higher denominations of the ZiG to facilitate cash transactions in Zimbabwe. The introduction of the ZiG currency has helped to stabilize the nation’s economy, which had suffered from hyperinflation beginning in 2007.

Sources:
Zimbabwe: Mining Companies Start Paying Royalties in Kind
All Africa
Zimbabwe’s Gold Reserves Surge to US$533 Million Amid Growth in Mineral Royalties
The Zimbabwe Mail