Reserve Bank of Malawi Procures 208 Kilograms of Gold, Holds Off on Sale

The Reserve Bank of Malawi (RBM) has successfully procured 208 kilograms of gold, according to spokesperson Dr. Mark Lungu.

The gold, acquired through the Export Development Fund, is currently being held in reserve and will not be sold in the near future.

Dr. Lungu emphasized that the current gold reserves are insufficient to generate significant revenue in alignment with the economic stabilization strategy.

The Bank’s decision to hold onto the gold reserves aligns with its strategy to stabilize the national economy and improve foreign exchange reserves,” said Lungu.

Meanwhile, an economic expert Christopher Mbukwa has urged authorities to focus on gold excavation within Malawi rather than relying on external purchases.

“I believes that local mining efforts could provide a more sustainable and profitable approach to managing the country’s gold resources,” said Mbukwa. .

However, the call for increased local mining highlights the ongoing debate about the best methods to harness Malawi’s natural resources for economic growth.