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Alba Iulia
Friday, January 22, 2021

BoZ commences gold purchasing programme

Economy BoZ commences gold purchasing programme

The Bank of Zambia (BoZ) has commenced the accumulation of gold as part of its reserves assets.

BoZ Assistant Director for Communications Lwanga Mwilu disclosed that this was after the purchase of 47 kilogrammes of Dore Gold from the Zambia Gold Company Limited operating under ZCCM-IH.

Ms. Mwilu added that the Bank is also expecting supply of gold bullion within the first quarter of 2021 from Kansanshi Mines.

“The local purchase of gold follows the signing, on December 11, 2020, of the Gold Purchase Agreement with Zambia Gold Company Limited and Kansanshi Mine,” Ms. Mwilu stated.

She indicated that gold purchases is a strategic decision made by the Central Bank to broaden the composition and diversification of international reserves portfolio.

Ms. Mwilu pointed out that the addition of gold as a reserve asset will supplement the country’s international reserves essential for the bank to provide protection against adverse economic shocks and in achieving the monetary policy objectives of price and financial system stability.

She explained that purchasing gold locally provides the necessary liquidity for the bank’s foreign market operations.

“Purchasing gold locally using local currency provides a sustainable avenue of international reserves accumulation, provides a long-term store of value, and further enhances investor confidence,” Ms. Mwilu explained.

She added that the action is in line with the broad objectives of the government’s economic recovery programme, launched by President Edgar Lungu late last year.

This is contained in a statement issued to the media in Lusaka yesterday.

18 COMMENTS

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    • Iam actually shocked to hear that BOZ has only started buying gold now. I thought all central banks had a stash of gold in their vaults?? Why hasn’t BOZ stored these since the 60s?

  2. When is BOZ commencing on rebuilding healthy forex reserves back to $3.5B like in the last term of MMD and Rupiah Banda ?

    • Some of you are so obsessed with personalities that’s why we never develop. Just see what is happening in the US where Trump is leading people to the brink of war because they are blind unthinking followers. Who was Rupiah Banda but some dealer globe trotter who did so to raise his allowances and enrich himself having come late into an unexpected presidency?

  3. adviser – So if BOZ is buying from this company as opposed to on the market is it getting it cheaper and is the company not losing out on forex…is it not wise to sell abroad and bring forex into the country.

  4. This is good action. From a purely economic viewpoint, the accumulation of gold reserves by national banks supports the national currency and indicates that the country is on the right path in managing the debt crisis.

  5. You are a trypical ***** who just want to show off at the expense of the suffering majority Zambians ripped off by Edgar Choipa Lungu.

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