Zambia has US$103m Gold reserves
ZAMBIA’S gold reserves currently stand at about US$103 million, the Bank of Zambia (BoZ) has announced.
According to the Deputy Governor for Operations, Dr Francis Chipimo, the institutions had brought gold worth about US$30 million this year, “While about US$6 million worth of raw gold came from Kasenseli Gold Mine.”
In 2020, the central bank started buying gold to help build the level of international reserves.
Meanwhile, BoZ Governor Denny Kalyalya said the economy was projected to slowdown in 2023 and rebound in 2024.
This is underpinned by the recovery in agriculture and mining sectors as well as sustained growth in information and communications, manufacturing, transport and financial and insurance sectors.
“The slowdown in global growth, tight global financial conditions, adverse weather conditions due to climate
change, and elevated energy and food prices related to the ongoing Russia-Ukraine war continue to be key downside risks to the growth,” Dr Kalyalya said.
However, mining tax receipts have remained low over the past three quarters.
Dr Kalyalya said in April, the Kwacha appreciated against the dollar by 16.8 percent to K17.73, mainly driven by improved supply of foreign exchange from quarterly corporate tax obligations.
He said the reaching of the International Monetary Fund (IMF) Staff-Level Agreement on the first review of the Enhanced Credit Facility created expectations that external debt restructuring would soon be concluded.
This positively changed market sentiments and also contributed to the appreciation of the Kwacha.