Tanzania has significantly boosted its gold reserves, acquiring over 28 metric tons in the last 18 months as part of a campaign to enhance foreign reserves and stabilize the country's currency.
Emmanuel Tutuba, Governor of the Bank of Tanzania, stated that the gold purchased is now worth around $3.68 billion at current market prices, emphasizing the growing importance of gold in the country's reserve management policy.
The central bank chief made the announcement at an International Monetary Fund-World Bank conference in The Gambia, according to a statement issued by Tanzania's Ministry of Finance, as seen on Reuters.
The gold-buying program follows a wider trend among central banks across the world, several of which have expanded gold purchases in recent years to protect against inflation, geopolitical instability, and currency fluctuations.
This trend was exemplified in March when the central bank of Uganda announced the commencement of its domestic gold purchasing program.
