The Reserve Bank of Malawi announced that it sold 590 kilograms of gold to raise $78 million and help cover rising fuel costs. The move comes as the country faces inflation pressures and increasing energy import expenses.
The central bank said the gold sold came from domestic artisanal miners, while Malawi’s official international gold reserves remain untouched and are safely held at the New York Federal Reserve. According to official data, the country holds around $61 million in gold reserves.
Officials also confirmed that Malawi still has 69 kilograms of domestic gold available, which could be used if fuel costs continue to rise. In addition, the bank is in talks with Afreximbank for a $120 million loan to support fuel purchases.
Despite selling most of its domestic gold stock, Malawi plans to continue buying gold from small-scale miners to rebuild reserves. At the same time, other African countries such as Uganda and Kenya have also launched domestic gold purchase programs to strengthen their foreign reserves.
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