Bank of Zambia Governor Christopher Mvunga has disclosed that international reserves have increased from around $ 1.2 billion US Dollars to over $ 1.4 billion, contrary to assertions that the Central Bank has completely moped out strategic reserves.Speaking after touring the Simon Mwansa Kapwepwe International Airport that is nearing completion, Mr. Mvunga said the current level of reserves represents 3.5 months import cover.And Mr. Mvunga has also revealed that the Central Bank has so far bought over 289 kilograms of Gold through the two agreements signed with ZCCM-IH Gold and Kansanshi Mine.He also said the Bank of Zambia is not trading in Gold but buying the material as an International reserve tool instrument.Meanwhile, Mr. Mvunga says the completion of the Simon Mwansa Kapwepwe International Airport will expand economic activities in the country.He said Zambia has now seen the infrastructure that was in a bad state rejuvenated not only in the road sector but other constructions […]
INTERNATIONAL RESERVES IMPROVE – MVUNGA
