ZAMBIA. Lusaka: Bank of Zambia says it has commenced the accumulation of gold in order to boost international reserve assets.
The Central Bank of Zambia made the announcement in a press statement released on January 5th and made available to Transcontinental Times.
The Communication division of the bank said, “this is a strategic development made by the bank to broaden the composition and diversification of international reserves portfolio”.
As a starting point the bank has bought 47 kilogrammes of the commodity from the Zambia Gold company.
Within the first quarter of 2021,the bank will buy another gold from Kasanshi Mine.
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On December 11, 2020 the bank signed a gold purchase agreement with Kasanshi mine and Zambia Gold company.
This is part of Zambia’s economic recovery programme launched on December 7, 2020.
This initiative according to the bank will help to provide protection against adverse economic shocks and achieving the monetary policy objectives.
Bank of Zambia traces originated from Southern Rhodesia currency Board in 1938. This was part of Rhodesia and Nyasaland( now Zimbabwe, Zambia and Malawi).
In 1964 , the Bank of Zambia was established after the country got independence from Britain; act of parliament was passed in 1965 enacting its establishment. It has currently over 850 employees.