Saturday 6 July 2024


Reserve Bank of Zimbabwe Governor, Dr John Mushayavanhu says prices of goods and services are expected to remain stable.

This is because cash and mineral reserves backing the new currency, Zimbabwe Gold (ZiG), have risen from US$285 million to approximately US$370 million over the past three months.

Dr Mushayavanhu told The Sunday Mail :“As such, the Reserve Bank has been accumulating reserves from royalties of gold and conversion of in-kind royalties of other precious minerals such as diamonds, lithium and platinum to gold reserves.

“As a result, the total reserves have progressively increased by about 30 percent, from US$285 million as at April 5, 2024 to above US$370 million as at end of June 2024.

“Regarding ZiG issuances to the market, the Reserve Bank has, so far, distributed optimal ZiG notes and coins, in line with cash orders from banks.

“In addition, to ensure that cash reaches all the cash hotspots, the Reserve Bank, effective June 10, 2024, introduced the swipe facility for ZiG at Homelink (Pvt) Ltd and cash kiosks at bus termini to increase access to cash, especially small denominations for the commuting public.


Post a Comment