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The Reserve Bank of Malawi (RBM) has finally taken cognizance that gold is being mined on a large scale in the country and has now announced that from May, 2021, it is introducing a structured market for gold.
Gold market is currently carried out on a black market leading to loss of revenue by government through smuggling and under-pricing on the poor miners.
In a statement, RBM says the structured market done in line with Section 28 of the Reserve Bank of Malawi Act (Cap. 44:02) of the Laws of Malawi will go a long way in supporting Artisanal and Small-Scale Miners (ASMs) involved in mining and trading of gold as a way of sustaining livelihood, since ASMs will conveniently access the market.