Tanzania's central bank has accumulated 27.05 tonnes of domestically purchased gold valued at about 10 trillion Tanzanian shillings ($3.8 billion), President Samia Suluhu Hassan said on Friday, hailing the programme as a key pillar of the country's foreign reserve strategy.
Speaking during celebrations marking the 60th anniversary of the Bank of Tanzania (BoT) in Dar es Salaam, Samia said the milestone demonstrated the success of the central bank's domestic gold purchase initiative, which was launched to strengthen the country's reserve assets and reduce vulnerability to external economic shocks.
"I congratulate the Bank of Tanzania for its domestic gold purchasing programme. As of May this year, as the Governor has stated, the gold reserves we have accumulated stand at 27.05 tonnes, valued at 10 trillion Tanzanian shillings. This is a significant achievement," Samia said.
The president said the accumulation of gold reserves was helping to diversify Tanzania's foreign exchange holdings and support the stability of the Tanzanian shilling amid growing uncertainty in the global economy.
Many central banks worldwide have increased their gold holdings in recent years as a hedge against inflation, currency volatility and geopolitical risks. Tanzania, one of Africa's leading gold producers, has sought to leverage its domestic mining sector to bolster reserve assets while retaining more value within the economy.
Samia said the strategy forms part of broader efforts to build a resilient and self-reliant economy that can benefit both current and future generations.
She also urged the central bank to maintain vigilance in managing the financial sector and safeguarding price stability, emphasizing the importance of keeping inflation under control.
Beyond reserve management, the president called on the Bank of Tanzania to continue expanding digital financial services and innovation to improve access to banking services, particularly for rural communities.
"The growth of the financial sector must go hand in hand with the realities of ordinary Tanzanians," she said, stressing the need for greater financial inclusion across the country.
The anniversary event was held at the Julius Nyerere International Convention Centre (JNICC) in Dar es Salaam and brought together government officials, financial sector leaders and development partners to reflect on the central bank's six decades of operation.
