DAR ES SALAAM, July 7 (Xinhua) -- The Bank of Tanzania (BoT) has purchased and stockpiled about 28 tonnes of gold over the past 18 months as part of a government strategy to strengthen foreign exchange reserves, support the value of the local currency and enhance financial sector stability, the central bank governor said on Tuesday.
A statement by the Ministry of Finance said BoT Governor Emmanuel Tutuba disclosed the development during a session on central bank gold operations held on the sidelines of the 2026 African Caucus meeting of the World Bank Group and the International Monetary Fund (IMF) in Banjul, Gambia.
Tutuba said the gold purchasing program has enabled Tanzania to diversify its reserve assets while also promoting the formalization of the mining sector and advancing financial inclusion, particularly among small-scale miners and traders.
The governor noted that more than 4,000 accounts have been opened for gold traders and miners in various financial institutions, reflecting a strong response driven by the central bank's initiatives.
"We pay gold miners and traders within 24 hours at the prevailing London market price, which has encouraged them to sell their gold to the central bank," he said. ■
