Tanzania has initiated local gold purchases to bolster its foreign exchange reserves, as confirmed by the country’s central bank on Monday. This move was originally announced by the central bank in late August. The Bank of Tanzania (BOT) stated, “The bank is therefore purchasing gold from domestic miners and traders, in Tanzanian shillings.”
Central bank Governor Emmanuel Tutuba revealed on Friday their plan to acquire six tonnes of gold from small and medium-scale miners and other traders before the year’s end. Already, they have bought and sold 418 kg (921.53 lb) of this precious metal.
Gold serves as a significant contributor to Tanzania’s foreign exchange earnings. According to central bank data, it generated $2.91 billion for the country in the year ending June, compared to $2.69 billion in the previous year.
As of August, the bank had reported official foreign exchange reserves of $5.25 billion, a figure documented in July. These reserves are sufficient to cover approximately 4.7 months of projected imports.
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Reporting by Naija247news in Lagos, Nigeria.
