BOU IN THE GOLD MARKET: Dealers want central bank to buy in hard currency
While Gold dealers were excited at an announcement last week, by the central bank to purchase gold from artisanal miners, they are on one part disappointed that the lender will be buying in Uganda shillings not in US Dollars and the major currencies, according to the head of Gold finance Collins Tugumisirize. We also spoke to a former BOU head of the research department and managing director of Alpha Capital Stephen Kaboyo, who says that while the move is good for diversification and store of value, without a proper framework on purchases, the risks could be very high.
