Tanzania central bank boosts reserves with 28 tonnes of gold purchases
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...
✨ Key Highlights
The Bank of Tanzania (BoT) has significantly boosted its foreign exchange reserves by purchasing approximately 28 tonnes of gold over the past 18 months.
- The gold purchases, amounting to 28 tonnes, support the Tanzanian Shilling's value and financial sector stability.
- The initiative was disclosed by BoT Governor Emmanuel Tutuba.
- This strategy also promotes the formalization of the mining sector and financial inclusion, with over 4,000 accounts opened for gold traders and miners.
Continue Reading
Read the complete article from Capital Business
Part of the Day's Coverage
Sovereign Wealth Fund allocates 30pc of resource revenue for future generations - July 2026
President William Ruto has signed into law the Sovereign Wealth Fund Act, 2026, which mandates that 30 percent of Kenya's mineral and petroleum revenues be allocated to a fund for future generations. The Bank of Tanzania has also made significant moves to strengthen reserves by purchasing approximately 28 tonnes of gold over the past 18 months, boosting its foreign exchange reserves. Additionally, Kenya's National Assembly will now vet nominees for Central Bank of Kenya Deputy Governor after President William Ruto assented to the new Central Bank of Kenya (Amendment) Act, 2026, marking significant changes in financial governance.
