The Bank of Tanzania (BoT) has purchased and stockpiled about 28 tons of gold in the past 18 months as part of the Government's strategy to strengthen foreign exchange reserves, support the value of the domestic currency and improve the stability of the financial system, the Governor of the Central Bank said on July 8.
A statement from the Tanzanian Ministry of Finance said that BoT Governor Emmanuel Tutuba announced this information at a discussion session on the purchase and management of central bank gold reserves, held on the sidelines of the 2026 Africa Group meeting of the World Bank Group and the International Monetary Fund (IMF) in Banjul (Gambia).
Mr. Tutuba said that the gold buying program has helped Tanzania diversify its reserves, while promoting the formalization of the mining industry and strengthening comprehensive finance, especially for miners and small-scale gold miners.
According to the BoT Governor, more than 4,000 accounts have been opened for gold traders and miners at various financial institutions, reflecting a positive response to the central bank's initiatives.
We paid gold miners and traders within 24 hours at the London market price at the time of the transaction. This encouraged them to sell gold to the central bank," he said.
