Tanzania Gold Reserves Soar by 24 Percent, $6.8 Billion

The Bank of Tanzania's foreign reserves have reached $6.8 billion after a 24 percent increase, thanks to a strategy that includes storing gold in London.

Tanzania has accumulated 10.6 tonnes of monetized gold at the Bank of England, which is used to stabilize its currency and shield its economy from global market volatility.

The country's central bank is diversifying its reserve assets beyond traditional currencies and bonds by purchasing domestically produced gold at market prices under its reserve accumulation program.