Zambia central bank purchases over 282 kg of gold to diversify int'l reserves

0 Comment(s)Print E-mail Xinhua, April 22, 2021
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LUSAKA, April 22 (Xinhua) -- Zambia's central bank said it purchased 282.79 kilograms of gold last year as part of its resolve to diversify its international reserves.

The Bank of Zambia said the gold was purchased from Kansanshi Copper Mining and Zambia Gold Company at end of December 2020.

The central bank said it plans to purchase around 25,200 ounces of gold from Kansanshi Copper Mining and 21,000 ounces from Zambia Gold Company per year based on the gold purchase agreements signed with the two entities.

"The objective of this initiative is to shore up and diversify the international reserves. The viability and attractiveness of this venture is that the gold is being purchased in local currency," the central bank said in a release.

The release added that the purchase price of the gold was not fixed and was determined by the London Bullion Market Association.

The central bank intends to diversify its international reserve portfolio and is considering various foreign currencies, including the Chinese Yuan. Enditem

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