Tanzania central bank buys 28 tons of gold reserves

Thu July 09 2026

The Bank of Tanzania has purchased around 28 metric tonnes of gold over the past 18 months as part of efforts to strengthen foreign exchange reserves and support the value of the Tanzanian shilling.

As quoted by Reuters, Bank of Tanzania Governor Emmanuel Tutuba said the central bank had purchased a significant amount of gold. Based on current market prices, the total value of the gold accumulated has reached around US$3.68 billion.

The statement was made in an official release from Tanzania's Ministry of Finance published on Wednesday (8 July). Tutuba had previously shared the information while attending an International Monetary Fund (IMF) and World Bank meeting in Gambia the previous day. The gold purchase programme, aimed at strengthening foreign exchange reserves, has been implemented by the Bank of Tanzania since around 2023.

As part of the policy, in September 2024 Tanzania's mining authorities required all mining companies and gold exporters to allocate at least 20% of their production to the Bank of Tanzania.

Tanzania is one of Africa's top 10 gold-producing countries.

According to Tutuba, the gold purchase programme has also had a positive impact on financial inclusion. To date, more than 4,000 new accounts have been opened at various financial institutions by mineral traders and small-scale gold miners. During last week's interest rate announcement, Tutuba also said Tanzania had foreign exchange reserves of around US$6 billion, equivalent to 4.3 months of import coverage.

Source: https://www.idnfinancials.com