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The Bank of Zambia (BOZ) is on track to have US$100 million worth of gold reserves by the end of 2022. Presently, the Bank’s reserves are worth US$ 63 million. Analysts, however, opine that the country should have a reserve of US$ 1 billion enough to be able to help stabilize the kwacha
The Bank of Zambia (BOZ) is on track to have US$100 million worth of gold reserves by the end of 2022. Presently, the Bank’s reserves are worth US$ 63 million. Analysts, however, opine that the country should have a reserve of US$ 1 billion, enough to be able to help stabilize the kwacha.
BOZ Deputy Governor-Operations Dr. Francis Chipimo said that the central bank intended to purchase US$48 million worth of gold from the Kansanshi Copper Mine in 2022. The Bank was purchasing gold from Zambia Gold Company, a subsidiary of ZCCM-IH. But the gold mine is currently on suspension. The central bank’s reserves were around US$48 million.
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Dr. Chipimo explained that there are other precious minerals, which exist other than gold. But in terms of what qualifies as international reserves, gold is traditional a reserve. He noted that gold was purchased to help build international reserves and to ensure the stability of the local currency.
