BoT says it won’t sell gold reserves to finance strategic projects

DAR ES SALAAM: The Bank of Tanzania (BoT) has dismissed reports circulating on social media claiming that it plans to sell part of its gold reserves to finance strategic government projects.

Speaking in Dar es Salaam, BoT Director of Financial Markets, Emmanuel Akaro, said the claims are false and baseless.

He explained that what is currently being implemented is a plan to sell gold holdings that exceed the level approved by the Bank’s Board, intending to rebalance the composition of the gold reserves.

According to Akaro, the BoT Board has approved a ceiling of up to USD 2bn US dollars in gold reserves. However, the current value of the gold reserves stands at 3.24bn US dollars, prompting the Bank to sell the excess amount.

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He noted that the proceeds from the sale will be invested in international financial markets to enhance investment returns, and will not be used to fund government projects as alleged online.

Akaro emphasized that the Bank of Tanzania is an independent institution, and any decision to use its investments to finance government projects would require approval from Parliament.

He added that as of January 29, 2026, BoT held foreign exchange reserves valued at 6.52bn/-, comprising gold worth 1.2bn US dollars, amounting to 3.8bn US dollars  and Chinese yuan valued at 735m US dollars.