RBM Procures 67 Kilograms of Gold
Tseka- 67kgs of the mineral has already been procured
Reserve Bank of Malawi-RBM says has bought 67 kilograms of Gold out of the targeted 100kgs as it waits to sent the targeted mineral for processing before export market value for the same is known.
RBM Spokesperson Ralph Tseka attributed slow in procuring the volume due to heavy rains that occurred between January and February this year.
“As of 28 February last month, 67kgs of the mineral has already been procured from small-scale miners at a price ranging 40 to 48 thousand kwacha per gram,” he said.
He was optimistic about reaching the volume target as the central bank continues to buy gold.
Milward Tobias is an economist and has urged RBM to swiftly procure the mineral in large volumes arguing it remains the only hope for stabilizing Malawi’s economy.
“Malawi’s economy relies much on forex. However, with authorities buying gold, we believe this will help in stabilizing the Kwacha,” he said.
Section 26(g) of the RBM Act empowers the bank to buy gold in Malawi. The gold is being extracted in Lilongwe, Kasungu, and Dowa among other districts.
Last modified on Tuesday, 08/03/2022
