Tanzania set to receive 20% of all its gold exports

Tanzania's mining regulator has mandated gold exporters to allocate at least 20% of their gold to the Central Bank of Tanzania (BoT) to boost foreign reserves and address the local currency's depreciation.

Beginning October 1, gold merchants must supply this portion to two approved refineries. The BoT started purchasing gold in the last fiscal year, acquiring 418 kg and aims to increase this to 6 metric tons.

Gold mining is vital to Tanzania's economy, contributing 4% to GDP and being a major source of employment and foreign exchange. Tanzania also became Uganda's primary gold import source.