Tanzania has started domestic gold purchases to boost forex reserves
TANZANIA has started buying gold locally as a way of boosting its foreign exchange reserves, the central bank said. The central bank first announced its intention of buying gold in late August. "The bank is therefore purchasing gold from domestic miners and traders, in Tanzanian shillings," Bank of Tanzania (BOT) said in a statement. On Friday, Central Bank Governor Emmanuel Tutuba said they were planning to buy six tonnes of gold from small and middle-scale miners and other traders by the end of the year and had already bought and sold 418 kg (921.53 lb) of the precious metal. Gold…