RBZ targets 35 to 40 tonnes of gold deliveries to FGR in 2022

RBZ targets 35 to 40 tonnes of gold deliveries to FGR in 2022

By The Mining Vision Staff Writer

The Reserve Bank of Zimbabwe (RBZ) is expecting a target of between 35 and 40 tonnes of gold deliveries to Fidelity Gold Refinery Private Limited (FGR) on the back of continued use of the Gold Incentive Scheme in the country.

This was revealed by the RBZ governor Dr John Mangudya at the CEO Africa Roundtable 2022 Business Breakfast Meeting held on Thursday in Harare under the theme: “2022 Market Focus: Gaining the Edge Through Strategic Insights.”

Presenting the State of Economy and Outlook for 2022, the Central Bank Governor underscored the importance of support measures implemented citing the tremendous improvement of gold deliveries to FGR in 2021.

“And gold deliveries in 2022, we are expecting a target of between 35 to 40 tonnes and with maintaining the gold incentive scheme, that will be achievable,” Dr Mangudya said.

“The gold incentives have been able to ensure that the gold supply or gold deliveries to Fidelity Printers increased from 19 tonnes in 2020 to 29 tonnes in 2021. This was a very tremendous achievement of 10 tonnes.”

The Apex Bank governor is of the view that increased gold deliveries to FGR has the potential to increase the supply of foreign currency in the market and the nation’s capacity to start building on reserves. He also touched on the foreign currency auction system in the country.

“We are going to continue with the foreign currency auction system as a dependable source of foreign currency for those import substitution entities, Dr Mangudya said adding that: “The bank continues to undertake appropriate refinements to the auction system.”

The CEO Africa Roundtable CEOs Business Breakfast meeting attracted about 100 CEOs from the nation’s leading companies and was graced by adept professionals in economic spheres. These included the Minister of Industry and Commerce Dr Sekai Nzenza, Economic Consultant Professor Tony Hawkins, Success Motivation International Chairman Dr Nigel Chanakira, among other high level professionals.  


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