Bank of Uganda Begins Buying Local Gold for Reserves
Uganda started buying domestic gold to diversify its foreign reserves. This three-year pilot program aims to reduce risks and strengthen reserve adequacy.
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The central bank of Uganda has officially launched a domestic Gold purchase program, marking a strategic shift to include bullion within its foreign exchange reserves. This initiative, which was first announced two years ago, saw its inaugural transaction completed last Friday as part of a three-year pilot phase designed to bolster the nation's financial stability.
The Programme aims to build and diversify Ugandas foreign exchange reserves portfolio by purchasing and processing domestically mined gold and including it in the foreign exchange reserves.
