Bank of Tanzania's Strategy to Strengthen Foreign Exchange Reserves
Latest Tanzania finance news · Bank of Tanzania's Strategy to Strengthen Foreign Excha… explained · updated Aug 5, 2026 · economy news · GDP · investment
TLDR
- DAR ES SALAAM: THE Bank of Tanzania (BoT) has purchased 29 tonnes of gold under its domestic gold-buying programme, surpassing its three-year target of 20 tonnes in just 20 months since the initiative was launched in.
- BoT Governor Emmanuel Tutuba announced the milestone yesterday in a special interview with the Tanzania Broadcasting Corporation (TBC) to mark the central bank’s 60th anniversary.
- Mr Tutuba said about 11 tonnes of the gold acquired have already been deposited with the Bank of England as part of the country’s official international reserves, while the remaining stock is being managed strategically.
- He said the achievement reflects the success of BoT’s strategy to strengthen foreign exchange reserves, support the stability of the Tanzanian shilling, formalise the country’s gold value chain and expand financial.
- At current international prices, the governor estimated the country’s gold holdings at approximately 10.5tri/-, making the precious metal an increasingly important component of Tanzania’s reserve portfolio.