By Staff Reporter
Zimbabwe has a total of US $100 million in cash reserves held at the the country’s apex bank, the Reserve Bank of Zimbabwe. This was revealed when President Emmerson Mnangagwa toured the home of the RBZ this morning.
As the country prepares to launch the much awaited structured currency tomorrow, the nation’s reserve were on the spotlight as the President visited the RBZ inspect the gold and cash reserves held at the Central bank on behalf of the nation, ahead of the Monetary Policy .
The President revealed that he had given a directive to the effect that the country should retain at least 10% of its gold as reserves, and he said he was happy that this directive was being followed.
“We wanted to physically see these assets, because in the past we didn’t have have any reserves in commodities here. We sold all our minerals, then I gave an instruction that we need 10% of our minerals kept in solid commodities,” said President Mnangagwa
The country currently has in its reserves US$100m in cash, 1,1 tonnes of pure gold, 0,5 tonnes of of precious minerals and 1,5 tonnes of gold in offshore reserves, this is in addition to over US300 million held in the country’s banking sector Finance Permanent Secretary George Guvamatanga said this is more than enough to anchor the country’s currency.
Finance Minister Mthuli Ncube said more on the structured currency would be revealed at tomorrow’s Monetary Policy Statement anouncement, the nation awaits what the monetary authorities have instore going forward.