The Central Bank, the Bank of Zambia – BoZ, which holds Zambia’s reserves, disclosed that it purchased gold amounting to US$10.6 million in the first quarter of 2024.
Bank of Zambia Governor Dr. Denny Kalyalya said the Central Bank had purchased gold amounting to US$10.6 million in the first quarter of 2024 bringing the total value of gold acquired locally by the Bank of Zambia to US$168.1 million since the initiative began.
Speaking during the presentation of the monetary policy statement for quarter 1 2024, attended by the Zambian Business Times – ZBT, the Bank of Zambia Governor Dr Denny Kalyalya said the US$10.6 million worth of Gold purchased in Q1, brings the total value to US$168.1 million since the Bank started purchasing gold locally.
“In the first quarter of 2024, gold purchases amounted to US$10.6 million. This brings the total value to US$168.1 million since the Bank started purchasing gold locally.”
Furthermore, Dr. Kalyalya highlighted the growth in Gross International Reserves, which increased to US$3.6 billion at the end of March 2024, equivalent to 3.9 months of import cover. This marks an increase from US$3.3 billion at the end of December 2023, which represented 3.7 months of import cover. He attributed this growth primarily to net statutory reserves and underscored the positive impact it has on Zambia’s economic resilience and ability to weather external economic challenges.
The Bank’s proactive approach to diversifying its reserves through gold purchases and the steady increase in Gross International Reserves reflect a strategic effort to safeguard Zambia’s financial security and ensure stability in the face of global economic fluctuations.
Meanwhile, Dr Kalyalya said, “Notwithstanding market support, Gross International Reserves increased to US$3.6 billion (equivalent to 3.9 months of import cover) at end-March 2024 from US$3.3 billion (3.7months of import cover) at end-December 2023. “This was mainly attributed to net statutory reserves.”
