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.

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