Bank of Tanzania buys 28 tonnes of gold worth $3.68 billion to strengthen reserves
The Bank of Tanzania has accumulated 28 tonnes of gold worth $3.68 billion to bolster foreign exchange reserves and stabilize the national currency. The initiative also aims to formalize the mining sector and improve financial inclusion for small-scale miners.
Why it matters
Demonstrates a strategic economic move by an African nation to diversify reserves and support local economic development.
Banjul, Gambia. The Bank of Tanzania (BoT) has purchased and accumulated about 28 tonnes of gold worth $3.68 billion (about Sh9.76 trillion at current market prices) over the past 18 months as part of the government's strategy to strengthen foreign exchange reserves, support the value of the Tanzanian shilling, enhance financial sector stability and promote economic growth.
Economic reporting based on official government and central bank statements.
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