Tanzanian central bank to establish a national gold reserve
The Tanzanian government has announced its plans for its central bank to purchase gold mined throughout the country to establish a national gold reserve. According to The Chanzo, the Minister of Minerals Doto Biteko stated, “the Central Bank has informed the Mining and Energy Committee that the regulation for gold purchases is ready. The Central Bank has already started purchasing gold, and as we speak, it has acquired 400 kilograms of gold.” Finance Minister Mwigulu Nchemba mentioned that gold refineries have already been constructed in the country. The Bank of Tanzania has lowered the royalties for minerals sold by refineries from 6% to 4% and will offer a competitive price to local gold miners to discourage smuggling. Tanzania established a national gold reserve in 1990 but shelved the policy in 2002. In 2019, President John Magafuli expressed a desire for the central bank to purchase locally produced gold to establish a national gold reserve once again to stabilize the Tanzanian shilling. Tanzania has an estimated 45 million ounces of gold reserves. According to Tanzania’s national website, large-scale and small-scale miners produced 48.4 tons of gold in 2019, earning $2.2 billion. As per The Chanzo, gold amounts to one-third of Tanzania’s total exports.
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