Core Viewpoint - The Central Bank of Sri Lanka emphasizes that foreign exchange earnings are more critical for macroeconomic stability than foreign investments, highlighting the importance of tourism, labor remittances, and exports as key sources of foreign exchange [1] Group 1: Foreign Exchange Earnings - The Central Bank identifies tourism, labor remittances, and exports as the main sources of foreign exchange for Sri Lanka, stressing the need to strengthen these areas for external sector stability [1] - The Central Bank has negotiated a stable 20% tariff rate, which is seen as advantageous compared to competing countries that frequently adjust their tariffs [1] Group 2: Trade Arrangements - New trade arrangements, such as the agreement between India and the European Union and Sri Lanka's recent duty-free access to the UK market, may lead to short-term fluctuations in trade and capital flows [1] Group 3: Foreign Investment - While acknowledging the role of foreign investment in supporting long-term growth, the Central Bank notes that attracting significant capital inflows will take time and depend on improvements in Sri Lanka's sovereign credit rating [1] Group 4: Domestic Economic Trends - Positive domestic trends include the expansion of private sector credit, increased local stock market activity, and rising investor confidence [1] - Sri Lanka has achieved a current account surplus for three consecutive years, with expectations for a new surplus this year driven by stronger foreign exchange earnings [1]

Group 1 - The Bank of Ghana is set to implement comprehensive reforms in its gold purchasing operations starting January 2026, aimed at improving efficiency, simplifying processes, and enhancing pricing and operational efficiency in the Domestic Gold Purchase Program (DGPP) [1] - The DGPP has become a strategic mechanism for Ghana to build international reserves and maintain currency stability, allowing the country to acquire significant foreign exchange without incurring additional debt [2] - The International Monetary Fund (IMF) has highlighted financial risks associated with the DGPP, estimating that losses from artisanal and small-scale gold trading could reach $214 million by September 2025, representing about 0.2% of Ghana's GDP [2] Group 2 - GoldBod, the main gold aggregation body, was established in March 2025 with a revolving fund of $279 million from the government to support the procurement of 3 tons of gold weekly, exceeding its export target of 100 tons for 2025 and generating over $10 billion in foreign exchange [3] - GoldBod reported over $8 billion in foreign exchange revenue from January to October 2025, nearly double the total of $4.61 billion for the entire year of 2024 [3] - The Bank of Ghana has stated that the reported losses are speculative and that audited financial statements will be released next year, following concerns raised by the IMF regarding the sustainability of the DGPP [3]

Core Insights - Zimbabwe's gold production reached 37.06 tons in the first ten months of 2025, nearing the annual target of 40 tons, with expectations to exceed it by year-end [1] - Small-scale miners contributed 27.7 tons, accounting for approximately 75% of total production, while large mining companies contributed 9.3 tons [1] - Government initiatives to formalize small miners and provide incentives have shown significant results [1] Gold Export Performance - Gold exports surged, with revenues reaching $1.93 billion in the first nine months of 2025, a 71% increase compared to $1.1 billion in the same period of 2024 [1] - The growth in exports is primarily attributed to high international gold prices, increased global demand for safe-haven assets, and a reduction in illegal outflows [1] - Exports continued to rise due to formal channels and high production levels, with June, August, and September showing year-on-year increases exceeding 100% [1] Economic Impact - The strong performance of the gold sector is expected to continue supporting Zimbabwe's foreign exchange earnings and economic growth [1]