Tanzania ramps up gold reserves to counter depreciation --[Reported by Umva mag]

•          Tanzania is Africa’s fourth-largest gold producer and ranks 18 in the world.
•          The country is ramping up production of the precious metal, targeting over 6 tonnes of gold annually.
•          Gold miners and traders asked to allocate no less than 20% of their gold output to Central Bank of Tanzania.

Tanzania’s national gold reserve is growing and recent push geared at speeding up the growth of the country’s reserves signal to better days ahead for the nation’s currency. In the latest move, Tanzania has ordered all gold miners and traders to allocate no less than 20 per cent of their gold output to its central bank.

According to the Central Bank of Tanzania (BoT), this strategy is meant to help the country diversify its foreign reserves. By boosting its gold reserves, Tanzania hopes to offset the depreciation pressure facing the Tanzanian shilling.

According to authorities in the country; “This diversification intends …

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