By Hastings Yobe
The Reserve Bank of Malawi has purchased 313 kilograms of gold from small-scale miners since May 2021, worth an unspecified amount, and is holding it as part of its reserve assets. According to Dr. Mark Lungu, spokesperson for the Central bank, there are currently no plans to export or sell the gold.
However, not everyone agrees with the bank’s decision. Policy and resource governance expert Kossam Munthali believes that selling the gold could significantly boost Malawi’s foreign exchange reserves. On the other hand, mining expert Grain Malunga supports the bank’s decision to hold onto the gold.
The Reserve Bank of Malawi Act grants the bank the authority to purchase gold within the country.
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