Tanzania set to receive 20% of all its gold exports

 

As seen on Reuters, Tanzania's mining regulator has directed all mining outfits exporting gold to allocate at least 20% of the commodity to the Central Bank of Tanzania (BoT).

This move is geared towards supporting the bank's efforts in diversifying its foreign reserves.

Tanzania's Mining Commission, on Friday, declared that a new mining regulation, starting October 1, will obligate gold merchants to provide 20% of their gold to two approved refineries: Eye of Africa Ltd in Dodoma and Mwanza Precious Metals Refinery Ltd in Mwanza.

Tanzania is a significant gold market in East Africa, having a solid trade relationship with its neighbors. The gold trade accounts for around 4% of its GDP.

Gold mining is also a significant source of employment and foreign exchange revenue for the country.

(Source: Business Insider Africa)