Zimbabwe’s central bank has announced that gold and foreign currency reserves supporting its bullion-backed currency, the ZiG (Zimbabwe Gold), soared to a record $731 million in June 2025.
This marks a significant rise from $639 million in May and a dramatic increase from $276 million in April 2023, when the currency was first introduced.
The surge in reserves comes amid a notable boost in gold production, which has also propelled the ZiG to its largest single-day gain against the U.S. dollar this year.
Launched to replace the collapsed Zimbabwean dollar, the ZiG is the country’s latest attempt to stabilize its economy after several failed currency regimes.
The Reserve Bank of Zimbabwe revealed it now holds 3.4 tons of gold—more than double what it held in April 2023.
Authorities are optimistic that the ZiG can gradually replace the U.S. dollar, which has functioned as a parallel currency since 2009.
The International Monetary Fund (IMF) has voiced cautious support, expressing hopes the ZiG could eventually become Zimbabwe’s sole legal tender under a potential staff-monitored program.
This development is seen as a potential turning point for Zimbabwe’s monetary stability and economic recovery.
Image Credit: 360 Mozambique
