Tanzania’s central bank has enhanced its reserves by acquiring 28 tonnes of gold
The Bank of Tanzania (BoT) has acquired and accumulated approximately 28 tonnes of gold in the past 18 months as part of a government strategy aimed at bolstering foreign exchange reserves, supporting the value of the local currency, and enhancing stability within the financial sector, according to the central bank governor’s statement on Tuesday.
A statement from the Ministry of Finance indicated that BoT Governor Emmanuel Tutuba revealed the development during a session on central bank gold operations, which took place alongside the 2026 African Caucus meeting of the World Bank Group and the International Monetary Fund (IMF) in Banjul, Gambia.
Tutuba stated that the gold-purchasing program has allowed Tanzania to diversify its reserve assets while also fostering the formalization of the mining sector and enhancing financial inclusion, especially for small-scale miners and traders.
The governor highlighted that over 4,000 accounts have been established for gold traders and miners across different financial institutions, demonstrating a robust reaction prompted by the central bank’s initiatives.
“We compensate gold miners and traders within 24 hours at the current London market price, which has motivated them to sell their gold to the central bank,” he stated.
