The Bank of Tanzania has acquired approximately 28 metric tonnes of gold over the past 18 months to strengthen its international reserves and support the Tanzanian shilling, according to the institution’s governor, Emmanuel Tutuba.
In a statement from the Ministry of Finance, cited by CNBC Africa, Tutuba said the gold acquired was valued at $3.68 billion at current prices.
The document was released on Wednesday, though Tutuba made the remarks a day earlier at a joint International Monetary Fund (IMF) and World Bank meeting held in The Gambia.
The Bank of Tanzania has been purchasing gold for its reserves since 2023. In September 2024, Tanzania’s mining regulator ordered all mining companies and gold traders that export the metal to set aside at least 20% of their output for sale to the central bank.
Tanzania is one of Africa’s ten largest gold producers.
Tutuba said the gold purchasing programme had led to the opening of more than 4,000 new accounts at financial institutions by mineral traders and small-scale miners.
At last week’s interest rate announcement meeting, Tutuba stated that the country held approximately $6 billion in reserves, equivalent to 4.3 months of import cover.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/07/08/mundo/africa/tanzania-banco-central-compra-28-toneladas-de-ouro/
