BoZ’s Purchase of Gold will help Zambia Further Build Gold Reserves

The Bank of Zambia has purchased 47 kilograms of Gold from the Zambia Gold Company Limited, under ZCCM Investments Holdings.

Central Bank Governor Christopher Mvunga says the recently purchased gold is currently sitting in the central bank’s vault.

Mr. Mvunga who has confirmed in an interview with ZNBC News in Lusaka recently, but could not disclose the value of the gold.

He said the move will help to further build the country’s gold reserves.

Mr. Mvunga said 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.

The Bank of Zambia recently signed a Gold Purchase Agreement with the Zambia Gold Company Limited, a subsidiary of ZCCM Investments Holdings