Bank of Zambia (BoZ) has bought 47 kilograms of gold from Zambia Gold Company Limited, a subsidiary of ZCCM Investments Holdings (IH.
This is the first time that the central bank is acquiring and holding gold as a reserve asset since 1995.
According to Zambia National Broadcasting Corporation news, BoZ Governor Christopher Mvunga said the recently bought gold is currently sitting in the central bank’s vault.
Mr. Mvunga, however, could not disclose the value of the gold.
He said in an interview that the move will help to build the country’s gold reserves.
“The investment will also build and enhance the market’s confidence in the bank’s ability to fulfill its mandate of price and financial system stability CLICK TO READ MORE