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The Bank of Tanzania (BoT) is exploring new avenues to strengthen the country’s foreign exchange reserves through strategic investment in gold, following high-level talks between Governor Emmanuel Tutuba and executives from the Industrial and Commercial Bank of China (ICBC).
Governor Tutuba met with ICBC Chief Executive Officer Mr. Peter Poon and the bank’s Director of Global Market Structuring Ms. Yoyo Ye in Washington D.C. on the sidelines of the ongoing Annual Meetings of the International Monetary Fund (IMF) and the World Bank, which run from October 13 to 18, 2025.
Discussions focused on enhancing cooperation between the two institutions, particularly in areas of reserve management and gold investment. The initiative is part of BoT’s broader effort to diversify the country’s reserve assets and strengthen economic resilience against external shocks.
Mr. Tutuba emphasized that maintaining strong foreign exchange reserves remains a top priority for Tanzania, given their critical role in stabilizing the financial system and supporting sustainable economic growth.
“The Bank of Tanzania remains committed to partnering with reputable international financial institutions like ICBC to strengthen our reserve management strategies and safeguard macroeconomic stability,” said Governor Tutuba.
He added that such cooperation reflects Tanzania’s growing engagement in the global financial landscape and aligns with the government’s agenda to build a robust, inclusive, and sustainable economy.
The Industrial and Commercial Bank of China, one of the world’s largest financial institutions by assets, has been a long-term partner to Tanzania in trade and financial cooperation.
The latest talks underscore a shared commitment to advancing mutually beneficial investments and enhancing Tanzania’s position in the international financial system.