• Gold is one of the well traded commodities.
• It has a deep market.
• For now that is really what the Bank is focusing on.

Bank of Zambia (BoZ) says it has no intentions of stockpiling other precious minerals other than Gold at the moment.
Speaking in an interview with Money FM News, Bank Deputy Governor-Operations Dr. Francis Chipimo said this is because the Central Bank decided to start purchasing Gold to help boost international reserves.

Dr. Chipimo stated that the qualification for minerals to be purchased is based on what can count as international reserves and Gold is one of the well traded commodities as it has a deep market, therefore this is what the Central Bank is currently focusing on.

“Gold was purchased to help us build international reserves. So the qualification for what we purchase is going to be on what can count as international reserves and Gold is one of those things which is traditionally known, it is well traded it has a deep market, so for now that’s really what we are focusing on.”

“There are other precious minerals which exist but typically in terms of counting as international reserves, Gold is what we traditionally used in the market and that is what we are buying at the moment,” Dr. Chipimo stated.

Meanwhile, Dr. Chipimo disclosed that the Central Bank’s Gold reserves are currently around US$48 million, more or less what was purchased last year.

“We plan to make a similar purchase this year and we are basically purchasing from one major mining company, we had been purchasing gold from also from ZCCM-IH Zambia Gold Company but that is currently on suspension until issues with that mine are resolved,” he said.