Uganda central bank starts buying locally-produced gold to support forex reserves
Uganda's gold production capacity has surged in recent years as various investors, including Belgian refiner Alain Goetz, set up processing facilities in the country. Shutterstock
Uganda's central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets.
The move could lower the country's growing gold exports, whose shipments brought in $2.3 billion last year from $201 million in the previous year.
