Zimbabwe Caps Gold-Buying Support Amid Fiscal Risk Concerns
Zimbabwe's government has announced it will cap its gold-buying support at $300 million for this year, aiming to contain fiscal risks associated with gold-price movements. The country's Finance Minister Mthuli Ncube and Central Bank Governor John Mushayavanhu made the statement in a letter to the International Monetary Fund (IMF).
The decision was part of the country's Staff Monitored Program report released on Saturday, which outlines Zimbabwe's economic plans for 2026. The government will review its gold-buying scheme in the 2027 national budget.
The cap is intended to mitigate potential losses due to fluctuations in gold prices and deliveries this year. By limiting spending on the gold incentive scheme, the government aims to manage fiscal risks related to these movements.