19 December 2023
The Tanzanian government, through the Bank of Tanzania (BoT), plans to purchase approximately 12 tonnes of gold from local miners and traders this financial year to boost foreign exchange reserves. This initiative is part of the BoT’s Domestic Gold Purchasing Programme, which aims to strengthen foreign exchange reserves by acquiring gold. To encourage more sellers to participate, the government is considering revising its legislation to lower the royalty rate from 9.3% to 7.3%, aligning it with the rate charged at gold refineries. This proposal was discussed in a joint meeting between the government and mining sector stakeholders.