Tanzania’s Central Bank Accelerates Gold Reserve Acquisition Strategy
The Bank of Tanzania (BoT) is making remarkable progress in its national gold reserve programme, targeting an ambitious six-tone acquisition this year through strategic incentives and streamlined purchasing processes.
Since launching the initiative in October, the central bank has successfully acquired over two tonnes of gold, demonstrating significant momentum in its national economic strengthening efforts. By offering premium pricing and creating attractive selling conditions, BoT is encouraging both large and small-scale miners to participate in the national gold reserve programme.
Key strategies include direct gold purchases from local miners and authorized brokers, ensuring ethical sourcing and avoiding conflict minerals. The bank has implemented critical improvements such as:
– Guaranteed 24-hour transaction processing
– VAT exemptions for gold sellers
– Foreign trade incentives
– Premium pricing for unrefined gold
Export regulations now mandate that miners sell 20% of their gold exports directly to the central bank, positioning BoT as the primary gold purchasing institution.
The gold reserve programme serves multiple critical economic objectives, including:
– Strengthening foreign currency reserves
– Enhancing economic stability
– Supporting monetary policy implementation
– Increasing investor confidence
– Creating emergency economic buffers
Moving forward, BoT aims to refine its strategy by supporting local refineries, simplifying bureaucratic processes, and maintaining competitive pricing to attract more gold sellers.
With reserves refined to 99.5-99.9% purity, Tanzania is strategically positioning itself as a significant player in the global gold market, driving national economic growth and financial resilience.
