President Mnangagwa today visited the Reserve Bank of Zimbabwe where he witnessed the handover of the stewardship of the bank by former Governor Dr John Mangudya to the incoming Governor Dr John Mushayavanhu.
The tour was meant to take stock of the gold and cash reserves being held by the central bank, ahead of the presentation of the Monetary Policy Statement and unveiling of a new structured currency tomorrow.
Speaking after the tour, President Mnangagwa said the physical handover/takeover of the RBZ was a new way brought in by the Second Republic to confirm the assets held by the Central bank.
“We just normally do it with one walking out and the other walking in but this time around, we decided we want to physically see these assets. In the past, we did not have any reserves or commodity reserved here at the RBZ, then I gave instructions that 10 percent of all our minerals be kept in solid commodity. If it is platinum, we convert 10 percent of the platinum into gold. Other minerals which we cannot keep physically, we were going to convert that to gold,” he said.
He expressed satisfaction that the country had enough gold reserves to back the new currency. Herald.
