The Bank of Zambia has disclosed that the Country’s international reserves are now sitting at US3 billion United States dollars, the Bank of Zambia has disclosed.
BOZ Governor, Denny Kalyalya said the current price of fuel was not in the measurement index for the month of June inflation which dropped to a single digit.
He said the central bank was aware of the concerns of the public who wondered why the inflation rate had dropped while the price of fuel had increased.
“As a central bank, we will work on maintaining this single digit for inflation so that over a period of time, the public can start seeing the reduction in prices of commodities,” he said.
Meanwhile BoZ Manager Foreign Reserves, Progress Zulu said the foreign reserves have now reached $3 billion representing three months of import cover.
Mr Zulu has attributed the rise in the reserved to the increased gold reserves, the resent Special Drawing Rights (SDR) and net purchases from the mines.
“In terms of reserves we are currently sitting at $3 million which comes to almost three months if import cover,” he said.
Mr Zulu was speaking during the media tour of BoZ stand at the ongoing Zambia International Trade Fair (ZITF) under the theme “promoting value addition for sustainable growth.
He said the central bank as of May this year purchased 1 metric ton of refined gold valued at $56 million.
Mr Zulu said the gold was not for sale but a reserve for the country.