Bank of Uganda launches three-year pilot to buy domestic gold for reserves

The Bank of Uganda has started buying gold mined in the country and will add it to the official foreign exchange reserves, shifting part of the national safety net from dollars and euros to bullion.
In an April 20, 2026 notice, the Central Bank said it had launched a three-year pilot Domestic Gold Purchase Programme, with test purchases executed on April 17, 2026. 

The aim, according to the notice, is “to build and diversify Uganda’s foreign exchange reserves portfolio by purchasing and processing domestically mined gold and including it in the foreign exchange reserves.”
The…