The Reserve Bank of Zimbabwe (RBZ) has significantly increased its gold reserves, now holding 2.7 tonnes, up from 1.5 tonnes in April 2024, according to an independent audit report by BDO Zimbabwe. The report, dated 5 February 2025, confirms that as of 31 December 2024, the RBZ held 85,843.38 ounces (2.67 tonnes) of gold, valued at US$223.8 million (ZWL$773.3 billion) at international market prices.
The increase in reserves has been largely driven by Zimbabwe’s gold royalty system, under which miners pay 5% of their revenues in royalties. Half of this amount is paid in gold, directly contributing to the central bank’s growing bullion stockpile. This mechanism has become a critical strategy for strengthening Zimbabwe’s reserves amid global economic volatility.
The audit, conducted in line with International Standards on Auditing (ISA) 805, verified the existence, ownership, and valuation of the gold, highlighting its importance in Zimbabwe’s financial stability. Key audit procedures included physical verification of the gold, reviewing ownership documentation, assessing safeguarding measures, and confirming valuations based on international gold prices.
RBZ’s increasing reserves come as the country seeks to bolster its economic resilience and improve monetary stability. With gold remaining one of Zimbabwe’s most valuable exports, a stronger reserve position could help stabilize the local currency and enhance investor confidence in the country’s financial system.
