2023-06-20 09:56:41
The Central Bank of Madagascar (BFM) is building up a gold reserve like many countries. It aims to keep four tons of gold per year.
Andry Rajoelina announced it yesterday at Antaninarenina during the launch of the celebration of the 50th anniversary of this institution.
The first gold ingot and the 50 Ar gold coin to mark this anniversary were officially presented yesterday as part of this jubilee.
Gold coins of 50 Ar will be put on sale according to a price indexed to the price of gold at the international level and according to practical methods defined by the BFM.
Yesterday’s ceremony was also marked by the laying of the first stone of the extension works of the BFM headquarters in Antaninarenina.
Gold considered as a safe haven par excellence is placed at the forefront of the elements of the foreign exchange reserves of central banks, and guarantees the consolidation of the economic health and the monetary stability of a country.
In January 2020, the BFM signed a memorandum of understanding with the Ministry of Mines and Strategic Resources in order to be able to invest in the purchase of locally produced gold, through different forms of partnership with private professional entities, formalities in the marketing and export of gold in Madagascar. To this end, it has launched a call for expressions of interest for gold operators and approved gold trading posts to sell all or part of their gold collected or extracted on Malagasy soil.
Several central banks around the world have a gold reserve. With the current and future geopolitical tensions, the purchase of physical gold is indeed brought up to date. Rich countries in particular have the largest gold reserves in the world. The volume of gold held by the American Central Bank is more than 8000 tons, Germany has more than 3000 tons and France and Italy about 2400 tons. The year 2022 was also marked by a trend for developing countries to increase their gold stocks. This is the case for countries like India, Uzbekistan or Kazakhstan.
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