International reserves BOOM-BoZ

 International reserves BOOM-BoZ

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 US Dollars, 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, Mvunga said the current level of reserves represents 3.5 months import cover.

And 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, 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 taking place around the country.

And Copperbelt Permanent Secretary Bright Nundwe said over one thousand workers will be employed once the facility is fully completed.

The Copperbelt International Airport is almost complete, with only minor touches remaining and is costing Government over 397 million US Dollars.

Source: ZNBC

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