Tanzania central bank to add 6 tonnes of gold to reserves
New law forces miners to sell 20% of gold produced to central bank under plan seeking to raise country’s exposure to gold
Another country’s central bank is announcing its plans to acquire additional gold reserves as speculation about a new global currency and de-dollarization continues to swirl.
Under a recently passed law, mining and trading firms will be forced to sell 20% of all gold directed for exports to the Central Bank of Tanzania, which is looking to increase its holdings.
Last year, the Emmanuel Tutuba, governor of the Bank of Tanzania, said the bank had already acquired more than 400 kilograms of gold — but then sold it to purchase foreign currencies.
The new law, which took effect Tuesday, is a sign that the strategy may be reversing.
By the end of the financial year, the law states the bank will be looking to purchase 6 tonnes of gold.
According to Reuters, Tanzania held $5.2 billion in foreign exchange reserves at the end of July, enough to cover about 4.3 months of imports of goods and services.
In the financial year that ended in June, Tanzania underwent gold purchasing to boost reserves amid depreciation of the local currency.
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