The central bank of the Democratic Republic of Congo will begin purchasing gold for its monetary reserves from Comiex, the state-owned trading company, according to an announcement Friday. This marks a significant shift in the country's approach to managing its gold resources and foreign exchange reserves. The move comes as Congo seeks to formalize and monetize its substantial gold production.

Congo is Africa's leading copper producer and has substantial gold deposits, though much of the country's gold has historically been smuggled out through informal channels. By purchasing gold directly from Comiex, the central bank aims to bring more of this production into the formal economy and strengthen its reserves. The arrangement gives the government greater control over gold trading and could help reduce illicit flows of the precious metal.

This policy change represents a strategic effort to capitalize on Congo's mineral wealth while improving economic governance. By channeling gold purchases through official channels, the central bank can better monitor production, collect taxes, and build international reserves. The move could also provide more stability to gold prices within the country and create a more transparent market for the commodity.