Central banks play growing role as local gold buyers

Purchase programmes can save resources, while fostering security and fairness in mining industry


An increasing number of emerging central banks are turning to local gold production to boost their holdings, and the purchases may be helping to foster better practices in the mining industry.

This is one of the various advantages of local purchases that the World Gold Council (WGC) highlights in a report published on April 26.

The organisation says local gold purchase programmes allow central banks to purchase gold with their national currencies rather than deploying hard currency resources.

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