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Gold June 15, 2021 08:40:21 PM

Tanzania Central Bank Adds to Gold Holdings

Paul Ploumis
ScrapMonster Author
The country’s gold exports were valued at $3.03 billion during the year, significantly higher when compared with $2.44 billion a year before.

Tanzania Central Bank Adds to Gold Holdings

SEATTLE (Scrap Monster): Tanzania announced launch of new gold refinery, as its central bank plans to add gold to its reserves. The country aims to raise the share of mining in GDP from current level of 6.7% to at least 10% by 2025.

According to Samia Suluhu Hassan, President, Tanzania, the Mwanza Precious Metal Refinery Ltd. will have an initial capacity to process around 480 kg of gold, which will be doubled in a few months. The refinery is 25% owned by State Mining Corporation, whereas the remaining stake is owned by Dubai-based Rozella General Trading LLC and Singapore-based ACME Consultant Engineers PTE Ltd.

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Furthermore, the President has urged the central bank to collaborate with commercial banks to cut the borrowing rates by 50% from existing 20%.

The government’s efforts to closely monitor the mining sector coupled with unprecedented surge in global gold prices led to 24% surge in value of Tanzania’s gold exports in the year ended 30th April, 2021. The country’s gold exports were valued at $3.03 billion during the year, significantly higher when compared with $2.44 billion a year before.

During the 12-month period, the average gold prices rose by around 22%. The rise in gold prices was mainly due to poor market sentiments for other asset classes, mainly on account of pandemic uncertainties.

 

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