DAR ES SALAAM, Tanzania -- Tanzanian President John Magufuli said today the central bank should start buying the country's gold to curb smuggling and build reserves to stabilise the currency.
On Tuesday Tanzania named its third mining minister since Magufuli was elected in 2015. The mining sector contributes around 4.8 percent of GDP, the government said in 2018, but the value of many mining projects in Tanzania have plummeted amid repeated government interventions.
"Bank of Tanzania should put the money there" -- into gold "instead of reserving the dollars alone. We should reserve dollars and gold together," the president said.
It wasn't clear whether Magufuli intended the central bank to buy all the country's gold production, thereby bringing the artisanal gold market under government control. He asked the mining and finance ministries and the central bank to come up with a plan. ...
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