RBZ to unbundle gold buying unit

The Reserve Bank of Zimbabwe intends to unbundle its gold buying and printing division, Fidelity Printers and Refiners, into two units to enhance efficiency and increase transparency in the operations of Zimbabwe's sole authorized buyer of gold.

Sources said the gold buying unit, ZimGold, will come under direct control of the central bank, as the country prepares to return to marketing its gold with the London Bullion Marketing Association.

It is also understood that initiatives to bring ZimGold under the direct ambit of the RBZ come as the central bank has invited officials from LMBA to assess the company's operations.

RBZ announced in February that it had set aside $50 million for accelerated gold production to raise output to 30 tonnes from 13 tonnes.