Bank of Tanzania Buys 28 Tonnes of Gold for Reserves

The Bank of Tanzania purchased approximately 28 tonnes of gold valued at $3.68 billion over the last 18 months. This strategy aims to strengthen foreign exchange reserves, support the Tanzanian shilling, and diversify reserve assets to stabilize the national financial sector.

Governor Emmanuel Tutuba announced the accumulation during a panel on central bank gold operations at the 2026 African Caucus meeting of the International Monetary Fund and the World Bank. He noted that the central bank incentivizes direct sales from gold miners and traders by providing payments within 24 hours at the prevailing London gold market price.

Beyond currency stabilization, the program seeks to formalize the mining industry. These incentives have enabled more than 4,000 small-scale miners and mineral traders to open formal bank accounts, increasing financial inclusion within the sector.