Contact us
CALL US NOW 1-888-GOLD-160

Tanzania Establishing Gold Reserves

  by    0   0

Yet another country wants gold.

On Monday (Sept. 25), the Bank of Tanzania (BoT) announced it is buying gold from domestic sources to establish its own reserves.

Tanzania Minister for Finance Dr. Mwigulu Nchemba announced plans to establish a national gold reserve during the 2023–24 budget presentation.

“The bank is therefore purchasing gold from domestic miners and traders, in Tanzanian shillings,”  according to a statement released by the Bank of Tanzania (BoT).

Last week, BoT Governor Emmanuel Tutuba said the central bank plans to buy 6 tons of gold from small, mid-scale, and large miners in the country. To date, the central bank has purchased 418kg of gold.

Tutuba said gold purchases would help diversify the country’s foreign exchange reserve and reduce reliance on a single currency.

That single currency is the US dollar.

According to, “Tanzania just like other economies, has been adversely affected by a decision by America’s Federal Reserve to embark on aggressive rate hikes as a measure to fight domestic inflation in the US economy.”

The Tanzania shilling recently hit an all-time low against the dollar.

Tutuba said diversification would help safeguard Tanzania’s wealth against currency devaluation or economic stability caused by global shocks.

“Now for the first time, we have both a gold and dollar reserve. Previously, we only had the US dollar as a foreign exchange reserve,” he said.

According to GlobalData, Tanzania ranked as the world’s 22nd-largest producer of gold in 2022. The country accounts for about 1% of total global gold production. In 2022, the country produced about 60 tons of gold.

The Bank of Tanzania is one of many central banks that are turning to gold to diversify their reserves and minimize dependence on the dollar.

Even with Turkey’s initiating large gold sales earlier this year, net central bank gold purchases totaled 387 tons through the first half of 2023. That was the highest first-half total since the World Gold Council started compiling quarterly data in 2000. This continued the trend of increasing gold reserves we saw last year.

Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971. It was the 13th straight year of net central bank gold purchases.

Download SchiffGold's Why Buy Gold Free Report

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Outflows of Gold from ETFs Slowed Significantly in November

The flow of metal out of gold-backed ETFs slowed significantly in November, with North American ETFs charting gold inflows for the first time in five months. A total of 9 tons of gold flowed out of ETFs globally, but total assets under management increased by 2% thanks to the rise in the price of gold.


The Summer of Central Bank Gold Buying Extends Into the Fall

Central banks gobbled up gold over the summer and the buying spree has continued into the fall. Globally, central banks added another net 42 tons of gold to their reserves in October.


Silver Looks Like a Real Bargain Right Now

At the current price, silver is a real bargain. Gold went on a run late last week, setting an all-time record high last Friday and breaking the $2,100 level for a brief time in overseas trading Sunday night. Silver also rallied but continues to lag behind gold. In fact, silver looks significantly underpriced based on […]


Unrealized Losses at US Banks Exploded in Q3

Unrealized losses on securities held by US banks exploded by 22% in the third quarter. Of course, unrealized losses don’t really matter — until they do. This is yet more evidence that the financial crisis that kicked off last March continues to bubble under the surface.


“Resilient” American Consumers Cutting Back Spending, Running Up More Debt This Holiday Season

Holiday shoppers plan on cutting back on spending and piling on even more debt this year, and nearly a quarter of Americans still haven’t paid off their debt from last year’s holiday spending spree. These were just a few revelations in a recent WalletHub survey that indicates American consumers aren’t quite as “resilient” as pundits […]


Comments are closed.

Call Now