RBM spokesperson Boston Maliketi Banda confirmed the development in an interview with Zodiak, saying the proceeds from the gold sales have significantly improved the availability of foreign currency, which has also contributed to addressing fuel supply challenges.
Mbukwa said while the sale of gold is helping the country address pressing economic challenges, it is equally important for the Reserve Bank to retain part of its gold reserves to reinforce the strength and stability of the Malawi kwacha.
The Reserve Bank introduced its gold-buying programme as part of broader efforts to boost foreign exchange reserves, support macroeconomic stability, and reduce pressure on the country’s import requirements.
