The Tanzanian government has announced the completion of procedures for purchases of gold through the Bank of Tanzania (BoT) in order to establish National Gold Reserve.
This was revealed by Finance Minister Dr Mwigulu Nchemba during the presentation of the national budget for the financial year 2023/24.
According to Dr. Nchemba, the government is in the process of reviewing policies, laws, and tax administrative procedures in order to ensure that the gold extracted in the country gets purified prior to exportation.
He highlighted the completion of the construction of gold refinery plants within the country and the government’s initiatives to provide incentives to ensure the availability of sufficient raw materials.
“The government has reduced royalties for minerals sold in refinery plants from 6 percent to 4 percent,” he said.
Dr. Nchemba asserted that the move to establish the national gold reserve will offer competitive prices to local miners and strengthen Tanzania’s currency.
