Namibia Launches Domestic Gold Reserve Program

Namibia is building its first-ever gold reserves through a domestic purchase program launched by the Bank of Namibia in March this year. The central bank signed an agreement with QKR Namibia Navachab to accumulate gold on a phased basis from local production, using Namibian dollars.

The goal of phase one is to establish gold holdings making up 3 percent of the country's international reserves, worth approximately N$1.74 billion. As of July, the central bank had already accumulated 8,574 troy ounces of gold valued at N$573.4 million.

Bank of Namibia Governor Ebson Uanguta emphasized that establishing a gold reserve aligns with several central bank objectives of safeguarding macroeconomic stability and promoting national economic interests.