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Buy gold for reserves, Central bank advised

Discussion in 'Habari na Hoja mchanganyiko' started by Pepombili, Jun 2, 2011.

  1. Pepombili

    Pepombili JF-Expert Member

    #1
    Jun 2, 2011
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    The Parliamentary Committee on Parastatal Organisations Accounts (POAC) yesterday advised the Bank of Tanzania (BoT) to consider maintaining gold reserves, by mainly buying the mineral from small scale miners.
    POAC Chairman Kabwe Zitto said that they don’t see the reason for BoT not to buy gold from small scale miners and sell it for foreign currency, because the country was endowed with the precious mineral in many areas.
    Zitto said Tanzania should learn from developed countries by buying the gold from small scale miners.
    He praised the Bank for performing well in the last three years compared to other institutions.
    According to Zitto his committee and Tanzanians wish to see BoT continue to do better, because despite the number of challenges it faced including the loss in the External Payment Arrears Account, it had performed well.
    The committee however advised BoT to put in place a sustainable system of regulating the inflation rate especially in production costs. The rate is currently nearly 8 per cent.
    Responding, the BoT Governor Prof Benno Ndulu said the Bank does not have gold reserves because small scale miners were reluctant to sell the mineral to the central bank because they said the prise offered is lower compared to that in the world market.
    He said having gold reserves was possible but the set-up needed thorough research before implementation.
    He further said that the Central Bank was strong and currently has USD 3.8 billion in foreign reserves.

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  2. Kobello

    Kobello JF-Expert Member

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    Jun 2, 2011
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    Why buy gold?....can't we mine our own gold? I MEAN PARALLEL TO THE PRIVATE SECTOR?
     
  3. Pepombili

    Pepombili JF-Expert Member

    #3
    Jun 2, 2011
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    Not only to buy gold, but to invest in mining sectors
     
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