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Tanzania orders gold miners and dealers to reserve 20% for central bank to buy
By Nuzulack Dausen
Reuters
Saturday, September 28, 2024
DAR ES SALAAM, Tanzania -- Tanzania's mining regulator has ordered all mining firms and traders exporting gold to allocate at least 20% of the commodity for sale to the central bank to bolster the bank's move to diversify its foreign reserves.
The central bank, the Bank of Tanzania, began buying gold from local traders and miners in the last financial year that ended in June to boost its reserves amid depreciation pressure on the local currency, the shilling.
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In the 12 months to June, the central bank bought 418 kilograms of gold to beef up its reserves and in the current financial year it intends to buy 6 metric tons of gold.
The regulator, the Tanzania Mining Commission, said late Friday in a statement that the directive will take effect effectively on Oct. 1 as part of a newly enacted mining law. ...
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