Zimbabwe Caps Gold-Buying Support at $300 Million This Year

Zimbabwe has announced that it will cap its support for buying gold at $300 million this year. According to a letter from top economic officials, including Finance Minister Mthuli Ncube and Central Bank Governor John Mushayavanhu, to the International Monetary Fund (IMF), the country aims to contain fiscal risks related to gold-price movements.

The government will limit total spending on the gold incentive scheme through end-2026 to $300 million. This decision comes as part of Zimbabwe's Staff Monitored Program report released on Saturday.

The move is aimed at managing the country's exposure to fluctuations in gold prices, which can have a significant impact on its budget. By capping the support for buying gold, the government hopes to mitigate potential risks and ensure fiscal stability.