BoT Beats Gold Target in Record Time
The Bank of Tanzania (BoT) has exceeded its target of purchasing 20 tonnes of gold in three years, achieving this milestone in just 20 months since launching its domestic gold-buying program in October 2023.
According to BoT Governor Emmanuel Tutuba, the central bank has acquired approximately 29 tonnes of gold under the program, with current international prices valuing the country's gold holdings at around 10.5 trillion Tanzanian shillings.
The gold purchases are part of a strategic rebalancing effort to strengthen foreign exchange reserves and support macroeconomic stability in Tanzania.
BoT has established a formal and transparent gold trading system, bringing more artisanal and small-scale miners into the formal financial sector. The program has also led to increased government revenue through improved tax compliance across the mining value chain.