Foreign reserves at $1.73bn

GOVERNMENT has started building up on foreign reserves, currently at US$1.73 billion, using revenue from mineral royalties, a senior official says.
Zambia’s reserve position dropped to US$1.73 billion as at end August 2018 from US$ 1.82 billion in June 2018.
The decline in the country’s exports has led to widening of trade deficits to K4.3 billion in the third quarter of 2018 from K3.2 billion recorded in the second quarter of the year.
But Ministry of Finance Permanent Secretary Mukuli Chikuba said in an interview recently that Government has been building up reserves from open market operations (OMO) but is also looking at mineral royalties from mining companies.

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