12:16 - 26.07.2024

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July 26, Fineko/abc.az. More and more African countries are buying gold into their government reserves in order to protect themselves from currency losses, fearing that the United States will use its currency as a pressure tool.

ABC.AZ reports, referring to digital exchange platform Money Metals Exchange.

In 2024, Zimbabwe, Madagascar, Nigeria, Tanzania, Uganda and South Sudan took steps to increase their gold reserves.

"African countries are concerned about Washington turning the dollar into a weapon against other countries, as well as the risks associated with the growing U.S. government debt," the report said.

The exact volumes of gold that the governments and Central banks of African countries intend or have already acquired in recent months are not disclosed, as this information is a trade secret.