Post #62

🇨🇩Gold Fever Reaches the DRC 🌏 The DRC's Central Bank has announced its plan to build up gold reserves. Despite producing over 40 tons of gold annually, the DRC has historically maintained virtually no official gold reserves. According to the Central Bank's recently appointed Head, "that will not only reinforce the franc but also permit the franc to be traded internationally because it will be backed by reserves in gold, above and beyond dollar reserves." 📍 Supposedly, to this end the Central Bank is planning to acquire the gold produced loclly, a strategy already in place in Burkina Faso, Nigeria and South Africa. However, the DRC does not have its own gold refineries (see the pic), which means that the Central Bank will have to purify purchased gold at its own expense somewhere abroad. 👁 Otherwise, in case of an economic emergency, the Central Bank may find itself buried under a mountain of 70% doré gold no one wants to buy. Devils Below