mavii

Bank of Uganda, in its state of the economy report for June 2024, announced that it had started buying gold from the local market to beef up its foreign reserves and, in consultation with relevant key stakeholders, has initiated a Domestic Gold Purchase Program with the objectives of building the country’s foreign reserves and minimizing ...

The domestic gold purchase option by the Bank of Uganda has received wide international media to the extent that the Deputy Governor, Michael Atingi-Ego had to accept an interview with the BBC on Tuesday morning. He told the BBC that the purchase would solve what he described as the operational challenges that the Bank of Uganda has been facing.

This will not be the first time that Bank of Uganda will buy gold from the local market. More than 30 years ago, just before the liberalisation of Uganda’s economy, Bank of Uganda had a small desk within its operational structure that purchased gold from the public. At the time, a statutory instrument gave Bank of Uganda the authority to be ...

“Through the Domestic Gold Purchase Program, Bank of Uganda is ensuring that Karamoja benefits directly from its mineral wealth.” – Governor Atingi-Ego revealed. He says Artisanal miners are encouraged to organize into SACCOs, making it easier to sell their gold directly to the Bank of Uganda and access financial services that support ...

“The Bank of Uganda needs a proper pricing channel. Most of the buyers dominating the gold trade are Congolese and Rwandans, but if the Bank of Uganda is coming to purchase our gold, we shall know the price will be favourable,” Nangiro expresses optimism. A gold miner in Moroto District. Gold: A precious resource

Bank of Uganda (BoU) is set to finalise a domestic gold purchase programme aimed at bolstering the country's gold reserves and mitigating risks associated with international financial markets. This initiative is expected to contribute significantly to the national economy, with projections indicating that Uganda could export more than $3.1 ...

The Bank of Uganda will purchase gold from artisanal miners to support local miners and reduce importation of raw gold. This move aims to bolster Uganda's foreign exchange reserves and reduce risks associated with traditional reserve investments. Several other African countries, including Ghana and Nigeria, are also exploring purchasing gold to ...

The bank said in its June report that Uganda’s foreign exchange reserves stood at about $3.5 billion as at April 30, equivalent to 3.2 months of import cover, down from 3.4 months a year earlier. This comes as the government said it will issue Shs7.8 trillion in treasury bonds to offset the debt it owes Bank of Uganda.

Bank of Uganda to Start Buying Gold Domestically. Submitted by edpr on Sun, 08/18/2024 - 19:58 . In a bid to support its foreign reserves and addressing associated risks in the international financial markets, Central Bank of Uganda will start purchasing locally-produced gold. ...

Tagged: artisanal Bank of Uganda Domestic Gold Purchase Programme Exports small scale miners State of the Economy report. About the Author. Paul Murungi. Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on ...

The Bank of Uganda (BoU) has introduced stringent guidelines for purchasing gold from the local market, aiming to safeguard the integrity of its gold acquisition program and bolster foreign reserves. To ensure traceability and authenticity, the guidelines prioritize direct sourcing from artisanal, small, medium, and large-scale miners. A pre-qualification process will be implemented for gold […]

The domestic gold purchase option by the Bank of Uganda has received wide international media to the extent that the Deputy Governor, Michael Atingi-Ego had to accept an interview with the BBC on Tuesday morning. He told the BBC that the purchase would solve what he described as the operational challenges that the Bank of Uganda has been facing.

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.

Gold. KAMPALA, Uganda | Xinhua | Uganda’s central bank said it is in consultation to begin purchasing locally-produced gold to bolster its foreign reserves and tackle challenges in international financial markets. The Bank of Uganda (BoU) in its State of the Economy report issued Thursday said the domestic gold purchase program aims at mitigating the declining foreign currency reserves and ...

Dr Adam Mugume, the Bank of Uganda director research, said yesterday “we are in the process of diversifying international reserves to include monetary gold”, noting that gold will be purchased ...

When the Bank of Uganda announced its intention to purchase gold from artisan, small, medium, and large-scale miners, some players in the precious stones industry wondered why a sudden policy reversal. It has been close to three decades since the Bank of Uganda stopped the domestic gold purchase. Countries around the world

Uganda’s foreign exchange reserves shrank 4.3 percent in the three months to the end of July 2024 to 3.3 billion dollars, equivalent to about three months of imports, down from 3.5 billion at the end of April, according to the Bank records. This prompted it to seek other means of improving the reserve position, hence the gold-purchase position.

The Bank of Uganda (BOU) has said it will start buying gold locally from artisanal miners to support the government’s ongoing value addition to the minerals and import substitution strategy ...

Ghana in 2022 also adopted the buying of gold domestically (20 percent) of all gold mined locally, leading to strong liquid monetary gold levels of over 26.6 tonnes (estimated at US$2.1 billion)