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Tanzania has started domestic gold purchases to boost forex reserves
By Nuzulack Dausen
Monday, September 25, 2023
DAR ES SALAAM, Tanzania -- Tanzania has started buying gold locally as a way of boosting its foreign exchange reserves, the central bank said today.
The central bank announced its intention of buying gold in late August.
"The bank is therefore purchasing gold from domestic miners and traders, in Tanzanian shillings," Bank of Tanzania said in a statement.
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On Friday central bank Governor Emmanuel Tutuba said the bank was planning to buy six tonnes of gold from small and middle-scale miners and other traders by the end of the year and had already bought and sold 418 kg (921.53 lb) of the precious metal. ...
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