Gold Reserves swell to the tune of US$190m

By Chembe Mbale

Zambia’s Gold Reserves have swelled and currently stand at 190 Million United States dollars. Bank of Zambia Deputy Governor FRANCIS CHIPIMO told journalists in Ndola that the Central bank has continued to buy around $3 million worth of gold per month. Dr. CHIPIMO said the Central Bank is still waiting for Kasenseli Gold Mine to normalize operations to sustain its gold reserve policy. And Dr. CHIPIMO revealed that government is currently formulating a framework to organize the small scale gold miners from whom the central bank will become the major off taker to continue building reserves.