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Tanzania’s central bank has purchased approximately 28 metric tonnes of gold over the past 18 months to bolster its international reserves and protect the shilling currency.
Bank of Tanzania Governor Emmanuel Tutuba revealed that the acquired gold holds a current market value of $3.68 billion.
Tutuba shared these figures during an International Monetary Fund-World Bank meeting in Gambia, emphasising that the aggressive gold-buying strategy has been active since 2023.
The central bank’s buying spree accelerated significantly after Tanzania’s mining regulator ordered all gold-exporting firms and traders to allocate at least 20 per cent of their commodity to the central bank.
As one of Africa’s top 10 gold producers, Tanzania has used this programme to integrate more local players into the formal economy, prompting mineral traders and small-scale miners to open more than 4,000 new financial accounts.
Tutuba recently confirmed that these efforts have pushed the East African nation’s total reserves to around $6 billion, providing a buffer equal to 4.3 months of imports.
