North America
Buy & Sell Gold & Silver With North America's Most Respected Dealer
Singapore
Buy, Sell & Store Silver & Gold In Singapore's Unique Bullion Shop, Showroom & Bank Vault
Free Consultation
We offer a Free Consultation, with answers to you questions on how to buy and sell gold and silver

Tanzania's president wants central bank to buy country's gold production

By Nuzulack Dausen
Business Day, Johannesburg, South Africa
Wednesday, January 9, 2019

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.

... Dispatch continues below ...


ADVERTISEMENT A Network of Bullion Dealers Who Bid for Your Business

With a SmartMetals® account from the Hard Assets Alliance, you're always guaranteed the lowest prices for gold, silver, platinum, and palladium. When you buy bullion through your account, the alliance's network of trusted precious metals dealers launches into action -- and you'll be shown the lowest price for your purchase. Also amazing is the low-cost storage available to you in six non-bank vaults around the world.

Click here to learn more:

http://www.hardassetsalliance.com/go/v34pm4/GAT


"Gold is stolen everywhere. Governor, you should work on this,” Magufuli said, referring to the central bank governor during the swearing in of the newly appointed mining minister and other officials. "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. ... ... For the remainder of the report: https://www.businesslive.co.za/bd/world/africa/2019-01-09-john-magufuli-...

* * * Help keep GATA going: GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: http://www.gata.org To contribute to GATA, please visit: http://www.gata.org/node/16
Retail Apocalypse Watch: Macy’s PLUMMETS & Kohl’s ...
4 on trial in theft of huge gold coin from Berlin ...