He added that beyond strengthening foreign exchange reserves, the programme has improved transparency in the mining sector, boosted miners’ earnings, expanded the formal economy and increased government revenue, while positioning gold as a strategic asset for safeguarding macroeconomic stability and supporting long term economic growth.
The Bank of Tanzania underscored how gold acts as a macroeconomic stabilization commodity, highlighting how gold is able to offset macroeconomic impact brought by Straight of Hormuz closure following the U.S, Israel-Iran war.
