Congo's Golden Strategy: Building Reserves to Bolster Economy

The Democratic Republic of Congo plans to build gold reserves to strengthen its currency and economy. This move follows a global trend as gold prices soar. Despite producing significant quantities of gold, Congo hasn't used it for economic stability, a strategy now being reconsidered by the new central bank governor.

The Democratic Republic of Congo is set to embark on a strategy of building gold reserves to fortify its currency and boost its economy, as disclosed by the central bank governor, Andre Wameso.

This initiative comes in the wake of a significant surge in global gold prices, spurred by strong central bank purchases worldwide, with prices reaching unprecedented levels of over $4,000 an ounce.

Despite its substantial gold production capabilities, Congo has not historically held gold as a reserve, relying instead on hard currencies like the dollar. The new strategy aims to change this dynamic, potentially stabilizing Congo's financial landscape.

(With inputs from agencies.)