ECONOMISTS and analysts have said maintaining a tight monetary policy is essential for preserving the stability of the ZiG, even as a record gold production strengthens its foundation.
The government introduced the ZiG in April 2024 and said it was backed by gold, precious minerals and foreign currency reserves.
While the government claims that a record 46,7-tonne gold output in 2025 has significantly boosted the reserve buffers, experts stressed that disciplined policy remains the key to translating this advantage to lasting currency credibility.
Zimbabwe Economics Society vice-president Misheck Ugaro linked the currency’s prospects to sustained policy discipline.
“Any rise in gold production will definitely strengthen the ZiG if the central bank maintains a tight monetary policy and builds more reserves,” he said.
“He described this approach as a “key attempt to facilitate a long-term durable currency.”
University of Zimbabwe Business School director Albert Makochekanwa echoed similar sentiments.
“A stable and strong domestic currency lays the foundation for exciting times in the economy,” he noted.
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“Attempts by the central bank to maintain a tight monetary policy stance will enhance the competitiveness of the ZiG.”
The experts said the record gold production, which provided the central bank with greater scope to expand reserves, was seen as a vital pillar supporting this policy.
However, analysts present it as the foundation upon which effective, disciplined monetary management ensures long-term stability and public confidence in the ZiG.
Authorities say the forthcoming rollout of new ZiG notes will further boost confidence, building on existing gains in stability and reserve backing.
According to the government, foreign currency reserves rose to US$900 million by the end of September 2025, up from US$700 million in June.
