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Tanzania starts buying domestic gold production to boost FX reserves
By Beatrice Materu
The East African, Nairobi, Kenya
via MSN.com, Redmond, Washington
Saturday, June 29, 2024
The Bank of Tanzania has started a large gold-buying initiative as part of a strategic drive to support the expansion of the mining industry and strengthen foreign exchange reserves.
The information was made public by Emmanuel Tutuba, the governor of the Bank of Tanzania, during his visit to the Geita Gold Refinery and the Mwanza Precious Metals Refinery Co. Ltd.
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Under the initiative, the bank has already acquired and refined 418 kilograms of gold.
"As highlighted in the budget by the minister for finance, Dr. Mwigulu Nchemba, the government has allocated funds for the purchase of gold. This yea, our target is to procure six tonnes of gold,from small-scale, middle-scale, and large-scale miners," he said. ...
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