The establishment of the national gold reserve and the formalization of the sector are underway. A partnership agreement was signed at the end of October 2020 between the Central Bank and sixteen gold operators who responded to the call for expressions of interest launched as part of the promotion of formal gold exports. and the establishment of a Malagasy gold bank.
16 of the 20 companies that responded favorably to the call for expressions of interest were able to meet the requirements and were selected to be the bank's first partners in this initiative. This should contribute to defending the value of the ariary thanks to the foreign exchange benefits of export activities. Gold is a reserve element of central banks in the same way as hard currencies. It thus plays its role as a safe haven. The completion of this first partnership constitutes a major step forward in the development of gold resources and will help increase the sector's contribution to the development of the national economy.
However, the Central Bank does not intend to hold a monopoly on the purchase of domestic gold products and other operators and miners will continue to carry out their activities within the formal framework.
The objective is to make the impacts of this project sustainable and to truly contribute to the stability of the national currency.