Tanzania's central bank scooped up over 15 tonnes of gold in its first year running a domestic buying program, and the governor is hyping it as a solid win for beefing up foreign currency reserves. Emmanuel Tutuba announced the haul after touring refineries in Mwanza and Geita with the Bank of Tanzania board, saying they are stashing the 99.99 percent pure stuff at the Bank of England to diversify holdings beyond dollars, pounds, yuan, and euros.
The program works with local refineries like Mwanza Precious Metals Refinery and Geita Gold Refinery to grab metal from small-scale miners and get it up to international standards. Tutuba stressed the bank will keep buying to make sure importers have enough foreign exchange when they need it, and he wants Tanzania climbing the ranks as one of the most stable economies across Africa.
The program works with local refineries like Mwanza Precious Metals Refinery and Geita Gold Refinery to grab metal from small-scale miners and get it up to international standards. Tutuba stressed the bank will keep buying to make sure importers have enough foreign exchange when they need it, and he wants Tanzania climbing the ranks as one of the most stable economies across Africa.
