Zimbabwe’s new central bank Governor John Mushayavanhu is building up the nation’s gold reserves to help support the ZiG currency, taking steps that have so far helped curb exchange-rate volatility and an inflation spiral.
“In the 100 days that I have been in office we have increased those reserves by about 30%. We are now on about $370 million worth of reserves,” Mushayavanhu told Bloomberg in an interview from his office in the capital, Harare. “These have been increased through royalties that we are collecting from mining companies, we are making steady progress. By the time we get to the end of the year we should be talking of no less than three tons of gold.”
