https://en.sputniknews.africa/20240928/tanzania-20-of-gold-exports-to-go-to-central-bank-for-reserve-diversification-1068457264.html
Tanzania: 20% of Gold Exports to Go to Central Bank for Reserve Diversification
Tanzania: 20% of Gold Exports to Go to Central Bank for Reserve Diversification
Sputnik Africa
Tanzania, a major gold producer in East Africa, relies heavily on its mining sector, which contributes about 4% to its GDP. Gold mining is an important source... 28.09.2024, Sputnik Africa
2024-09-28T19:04+0200
2024-09-28T19:04+0200
2024-09-28T19:04+0200
sub-saharan africa
tanzania
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east africa
africa
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Tanzania's mining regulator mandated that all gold exporters allocate 20% of their gold to the central bank, aiming to diversify the bank's foreign reserves. This move comes as the Bank of Tanzania (BoT) seeks to bolster its reserves and combat the depreciating shilling. The BoT purchased 418 kg of gold from local traders and miners last fiscal year and plans to purchase 6 tonnes in the current fiscal year.The Tanzania's Mining Commission announced that a new mining law, effective October 1, mandates gold exporters to deliver 20% of their gold to two designated refineries: Eye of Africa Ltd in Dodoma and Mwanza Precious Metals Refinery Ltd in Mwanza.Tanzania's foreign exchange reserves reached $5.29 billion in July, providing 4.3 months of import cover.
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tanzania, economy, east africa, africa, gold, bank, reserves, nature reserve, mining, refinery
tanzania, economy, east africa, africa, gold, bank, reserves, nature reserve, mining, refinery
Tanzania: 20% of Gold Exports to Go to Central Bank for Reserve Diversification
Ekaterina Shilova
Writer / Editor
Tanzania, a major gold producer in East Africa, relies heavily on its mining sector, which contributes about 4% to its GDP. Gold mining is an important source of employment and foreign exchange earnings for the country.
Tanzania's mining regulator mandated that all
gold exporters allocate 20% of their gold to the central bank, aiming to diversify the bank's foreign reserves.
This move comes as the Bank of
Tanzania (BoT) seeks to bolster its reserves and combat the depreciating shilling. The BoT purchased 418 kg of gold from local traders and miners last fiscal year and plans to purchase 6 tonnes in the current fiscal year.
The Tanzania's
Mining Commission announced that a new mining law, effective October 1, mandates gold exporters to deliver 20% of their gold to two designated refineries: Eye of Africa Ltd in Dodoma and Mwanza Precious Metals Refinery Ltd in Mwanza.
"All payments will be done according to the Bank of Tanzania arrangements," the Tanzania's Mining Commission stated, not disclosing the specific rates for gold purchases.
Tanzania's foreign exchange reserves reached $5.29 billion in July, providing 4.3 months of import cover.
