According to Daily Monitor, the Bank of Uganda has finalized contracts with Euro Gold Refinery Ltd and Feldstein Trading Limited to begin supplying gold to the national reserves.
This landmark agreement marks a major step toward strengthening Uganda’s gold value chain and boosting national earnings from mineral exports. The Central Bank is set to commence purchases with an initial 100 kilograms of gold, valued at approximately $160 million (Shs592 billion).
The partnership highlights growing confidence in local refiners like Euro Gold Refinery, positioning them as key players in Uganda’s economic transformation. By sourcing gold domestically, the Bank of Uganda aims to reduce reliance on external markets while enhancing transparency and value retention within the country.
This initiative is also expected to stabilize the economy by strengthening foreign exchange reserves and supporting long-term financial security.