Reserve Bank of Zimbabwe announces to dispose of its majority shareholding in country’s sole old buyer

On December 16, the Reserve Bank of Zimbabwe (RBZ) announced that as part of its partial privatization of the country’s sole gold buyer, it will dispose of its majority shareholding in the Fidelity Printers and Refiners (Private) Limited (FPR).

The RBZ governor John Mangudya, in a statement, said,“ The unbundling of FPR is designed to partially privatize the gold refining business by allowing private players to acquire a stake therein,” adding “the RBZ will continue to have 100 percent equity in the printing and minting business for national security reasons.”

Further stating, Mangudya said that the move is likely to increase gold producers’ compliance levels in the trading of gold.

Photo Credit : https://en.wikipedia.org/wiki/Reserve_Bank_of_Zimbabwe#/media/File:Reserve_Bank_of_Zimbabwe_N.png