Uganda Is Latest African Nation Eying Gold as a Currency Shield
- Bank of Uganda proposes domestic gold purchase programme
- Moves echoes Nigerian proposal and Zimbabwe’s gold-backed ZiG
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Uganda plans domestic gold purchases to build foreign exchange reserves and limit risks on reserve investments, becoming the latest African nation to turn to the precious metal to back up its currency.
The Bank of Uganda said it will directly purchase bullion from artisanal miners in a move that will also support government efforts to support local miners and reduce imports of raw gold.