Home > News > World
Thursday March 6, 2014 MYT 1:50:55 AM
Thursday March 6, 2014 MYT 1:51:47 AM
HARARE (Reuters) - Zimbabwe is holding gold coins valued at $501,390 (299,802.68 pounds) as its only reserves, enough to buy only 1,400 tonnes of maize, the finance minister said on Wednesday, highlighting the parlous state of the country's finances.
The economy of the southern African country, which has slowed to 4-6 percent growth after four years of near-double digit growth, is the biggest challenge to veteran President Robert Mugabe, who was re-elected last July in elections disputed by the opposition.
"The (central) bank does not hold any gold reserves except for gold coins, which were valued at $501,390 as at the end of January 2014," Chinamasa said.
Zimbabwe produced 13 tonnes of gold last year, well below the all-time record of 29 tonnes in 1998.
The cash-strapped and impoverished country plans to spend 70 percent of its $4.1 billion budget on paying salaries this year.
Shunned by traditional Western donors, the International Monetary Fund and World Bank over outstanding arrears and lack of foreign investment, Zimbabwe is struggling to grow the economy with its own meagre resources.
(Reporting by MacDonald Dzirutwe; Editing by Tom Heneghan)
Swiss right-wing forces referendum on banning SNB gold sales
South Africa launches limited edition Mandela coins in birthday tribute
Zimbabwe expects comprehensive Chinese financial aid - finance minister
Zimbabwe holds first public interviews for judges
Ukraine reserves perilously low; lag other emerging markets
France's ex-president Sarkozy loses support in party race
West not expected to demand Iran atom bomb 'mea culpa' in deal
Somali Islamists execute 28 non-Muslims on Kenyan bus
Colombia's Santos says FARC release of hostages will be next week
Demonstrators clash with French police over protester death
Iran nuclear talks may be extended as U.S. sees 'big gaps'
Acid reflux explained
Cézanne’s Lake Annecy painting beckons visitors to the lake in France
Little footie fans play with the big leagues
Copyright © 1995-2014 Star Publications (M) Bhd (Co No 10894-D)