GOLD NEWS

Uganda central bank starts buying locally-produced gold to support forex reserves

Thu July 11 2024

Uganda's central bank has begun buying locally produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets. The move could lower the country's growing gold exports, whose shipments brought in $2.3 billion last year from $201 million in the previous year.

"The BoU (Bank of Uganda), in consultation with relevant key stakeholders, has initiated a domestic gold purchase program," the bank said in its June state of the economy report seen by Reuters on Thursday.

Source: https://nation.africa