The Central Bank’s (Bank of Zambia – BoZ) gold purchases for reserves have dropped in the second quarter of 2024 by about 20 percent compared to the gold purchased in the first quarter of 2024.
According to the Central Bank, Bank of Zambia Governor, Dr. Denny Kalyalya, In the second quarter of 2024, gold purchases amounted to US$8.6 million bringing the total holdings to US$176.7 million since the Bank started purchasing gold locally.
This is however a drop of about $2 million United States Dollars from the $10.6 million of Gold purchased by the Bank as indicated earlier during the 2024 quarter one Monetary Policy Committee announcement.
“In the second quarter of 2024, gold purchases amounted to US$8.6 million. This brings the total holdings to US$176.7 million since the Bank started purchasing gold locally.” Remarked Dr. Denny Kalyalya.
This is however despite some private gold producers like First Quantum Minerals’ Kansanshi mine where the central Bank have been largely purchasing Gold purchases recording an increase of over 55 percent in gold production.
The central Bank has been hugely relying on gold supplies from private entities due to the dormant state of the Kasenseli mine.
