Gold reserves at the Central Bank of Zimbabwe have grown by 793 kilogrammes (25,000 ounces) since the implementation of a law requiring mining companies to pay a portion of their royalties in the metal.
Reserve Bank of Zimbabwe Governor John Mangudya was quoted by Bloomberg as saying that mines in the southern African nation produced 30.1 tonnes of gold last year compared to the previous year's record high of 35.3 tonnes.
The consolidation of gold reserves coincides with Zimbabwean authorities contemplating the use of the country's depreciated currency as collateral to end persistent exchange rate instability.
The Zimbabwean Ministry of Finance implemented royalties in September 2022 to increase the nation's mineral reserves.
Zimbabwe has platinum reserves, ranking third globally, in addition to gold. The country also produces diamonds, nickel, chrome, and lithium.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
