Govt to re-create gold reserve

[nngu007]

Thursday, 22 December 2011 21:43

​ A gold reserve. The government plans to re-establish a gold reserve at the central bank. PHOTO | FILE​ By Ludger Kasumuni The Citizen Reporter Dar es Salaam.The government has requested mining firms to help in the creation of a gold reserve in the country at the Bank of Tanzania (BoT).During the cross-listing of African Barrick Gold shares at the Dar es Salaam Stock Exchange the minister of State in the Prime Minister's Office (Investment and Empowerment) Dr Mary Nagu urged the management of ABG to support the government's intention of restoring gold bullion transactions to enable the country to benefit more from gold earnings. "I urge ABG and other mining firms to work with the government for the establishment of a gold reserve at the Bank of Tanzania," Dr Nagu said.Reacting to government's appeal for help in establishing the gold reserve, ABG head of Corporate Development and Investor Relations, Andrew Wray, said that it was a policy issue of BoT to work out because it is a market transaction of the central bank. "China is the biggest producer of gold in the world. They reserve gold at the Chinese Central Bank turning their central bank into a net buyer of Chinese gold. So in your case this is a policy decision of your central bank," Mr Wray said.Dr Nagu's request to miners comes weeks after the BoT governor Benno Ndulu hinted at the possibility of re-establishing a gold reserve at the central bank. Prof Ndulu said the previous reserve had been depleted because small scale miners stopped selling gold to the bank. He said there was a need to carry out research on the possibility of engaging in that venture.At the cross listing two weeks ago Dr Nagu recommended to ABG a number of measures to ensure that the benefits of gold mining and trading trickle down to ordinary Tanzanians, among other issues including ensuring that the listed shares become affordable to many Tanzanian investors. Other measures are the need to uplift the company into among the top ten in paying taxes, the need to raise the level of royalties from the current four per cent and continued commitment to support projects for corporate social responsibility. Dr Nagu also talked about the need for ADB to keep their foreign exchange earnings in the local commercial banks. She however, commended ABG for setting aside $10 million (Sh16.8 billion) for community development under the co-existence plan.This article was to appear in the ‘BusinessWeek' yesterday but was inadvertently dropped - Editor

 

[nngu007]

Oh Yeah, Finally...

 

[sem2708]

Good move,it comes very late though!
BETTER LATE THAN NEVER

 

[nderingosha]

Thursday, 22 December 2011 21:43

​ A gold reserve. The government plans to re-establish a gold reserve at the central bank. PHOTO | FILE​ By Ludger Kasumuni The Citizen Reporter Dar es Salaam.The government has requested mining firms to help in the creation of a gold reserve in the country at the Bank of Tanzania (BoT).During the cross-listing of African Barrick Gold shares at the Dar es Salaam Stock Exchange the minister of State in the Prime Minister's Office (Investment and Empowerment) Dr Mary Nagu urged the management of ABG to support the government's intention of restoring gold bullion transactions to enable the country to benefit more from gold earnings. "I urge ABG and other mining firms to work with the government for the establishment of a gold reserve at the Bank of Tanzania," Dr Nagu said.Reacting to government's appeal for help in establishing the gold reserve, ABG head of Corporate Development and Investor Relations, Andrew Wray, said that it was a policy issue of BoT to work out because it is a market transaction of the central bank. "China is the biggest producer of gold in the world. They reserve gold at the Chinese Central Bank turning their central bank into a net buyer of Chinese gold. So in your case this is a policy decision of your central bank," Mr Wray said.Dr Nagu's request to miners comes weeks after the BoT governor Benno Ndulu hinted at the possibility of re-establishing a gold reserve at the central bank. Prof Ndulu said the previous reserve had been depleted because small scale miners stopped selling gold to the bank. He said there was a need to carry out research on the possibility of engaging in that venture.At the cross listing two weeks ago Dr Nagu recommended to ABG a number of measures to ensure that the benefits of gold mining and trading trickle down to ordinary Tanzanians, among other issues including ensuring that the listed shares become affordable to many Tanzanian investors. Other measures are the need to uplift the company into among the top ten in paying taxes, the need to raise the level of royalties from the current four per cent and continued commitment to support projects for corporate social responsibility. Dr Nagu also talked about the need for ADB to keep their foreign exchange earnings in the local commercial banks. She however, commended ABG for setting aside $10 million (Sh16.8 billion) for community development under the co-existence plan.This article was to appear in the ‘BusinessWeek' yesterday but was inadvertently dropped - Editor

At last wanaamka.....yaani miaka yooote hii tumekuwa tunatoa gold bullion yetu yooote tunatajirisha wajanja nchi nyingine....sisi tunabaki na mashimo tu walikuwa hili hawalioni kweli watawala??nchi zoote zenye uchumi imara lazima utakuta wana hifadhi kubwa ya gold bullion katika benki kuu zao......nenda kote yaani......mfano....urusi,uchina,nchi za ulaya na hata UK(pamoja na kwamba hawazalishi gold).....hii ni kwasababu wakati wa balaa kama anguko la uchumi hizi gold bullion(miche ya dhaahabu)huuzwa na kuiletea nchi pesa nyingi ya kigeni (liquidity).Yaani kwa nchi maskini kama tz hii ilikuwa njia mojawapo ya kutumia kujenga uchumi wetu imara na kuondokana na ombaomba....yaani its funny.....jamaa wanachukua gold kwetu wanaweka kwenye benki zao alafu sisi tunakwenda kuwaomba wao hela........what a joke eh!! siku zooote hata nyakati za maanguko ya uchumi duniani....bei ya gold bullion inakuwaga pale pale katika soko la dunia ...tena mara nyingine inapandaga......sasa tz kama si laana ni nini eh!nchi ya tatu africa kwa kutoa gold....eti mpaka leo hatuna hifadhi ya gold bullion kwa benki yetu kuu!!!hawa wachumi wetu huwa wanafanya kazi gani????mbona haya mambo mengine ni rahisi sana kuyatathmini!!! yaani ule mjengo woote wa BOT (pamoja na kujidai nao)hamna kitu mle zaidi ya mikaratasi ya madafu!!!!!!maana pesa ya kigeni yenyewe tunapewa.......sisi tuna nini cha kujidai?......serikali ingeweka mkakati wa kuinunua na kuhifadhi tu....wala hawaitaji kuwa na hela ili kununua gold bullion....ilikuwa ni swala la kuweka tu kipengele kwenye mikataba kwa wachimbaji kwamba wakizalisha kiasi fulani (sehemu kubwa) cha gold kinabaki nchini(simple)......sisi ndio wenye mali na tuna haki ya kujipangia.........nchi hii kwa gold tu.......tungeshatoka siku nyiiingi sana......waulizeni ghana na botswana na south wanafanyaje!!!..........leo watawala wanaamka kwa kuwa nchi iko vibaya.......na bado.....mpaka tushikwe pabaya....then we will think double.........mia

 

[Gamba la Nyoka]

beware of the the rothschild bankers when a country try to use gold standard and run away from dollar standard!- having a huge gold reserve may be translated as a move to be free from international bankers influence, and that may come with some consequences.

 

[Mwita25]

Naomba kueleweshwa uhusiano wa dhahabu

 

[nngu007]

beware of the the rothschild bankers when a country try to use gold standard and run away from dollar standard!- having a huge gold reserve may be translated as a move to be free from international bankers influence, and that may come with some consequences.

We used to have the GOLD reserves before and our shillings was very powerful than Kenyans and that is what we we need right now so that they cannot buy our food and minerals in free cash

 

[nngu007]

Naomba kueleweshwa uhusiano wa dhahabu

[h=3]What Is the Gold Standard?:[/h]The gold standard is when the value of a country's money is tied to the amount of gold the country possesses. Anyone holding that country's paper money could present it to the government and receive an agreed upon value (par value) from that country's gold reserves.
[h=3]What Are the Advantages of the Gold Standard?:[/h]The benefit of a gold standard is that money is backed by a fixed asset. It provides a self-regulating and stabilizing effect on the economy.The government can only print as much money as its country has in gold. This discourages inflation, which is too much money chasing too few goods. It also discourages government budget deficits and debt, which can't exceed the supply of gold.
In addition, more productive nations are directly rewarded. As they export more goods, they can accumulate more gold. They can then print more money, which can be used for investing in and increasing these profitable businesses.

The gold standard discourages government debt and budget deficits, as well as trade deficits. Countries with any deficit lost gold from their reserves in order to pay their creditors.
The gold standard has also spurred exploration. It is why Spain and other European countries discovered the New World in the 1500s -- to get more gold and increase the country's prosperity. It also inspired the Gold Rush in California and Alaska during the 1800s.

[h=3]What Are the Disadvantages of the Gold Standard?:[/h]One disadvantage of a gold standard that the size and health of a country's economy is dependent upon its supply of gold, not the resourcefulness of its people and businesses. Countries without any gold are at a competitive disadvantage.However, this is an advantage to the U.S., which is the world's second largest gold mining country behind South Africa. Most U.S. gold mining occurs on federally owned lands in twelve western states, with Nevada being the primary source. Australia, Canada and many developing countries also are major gold producers. (Source: National Mining Association)

The gold standard causes countries to become obsessed with keeping their gold, rather than improving the business climate. For example, during the Great Depression, the Federal Reserve raised interest rates to make dollars more valuable and prevent people from demanding gold. However, the Fed should have been lowering rates to stimulate the economy. (Source: Econlib, The Great Depression)




​

 

[Habdavi]

kumbe wakuu wanapita hapa jf, na kuchukua baadhi ya mambo yanayojadiliwa humu! Nakumbuka tuliwahi kulizungumzia hili hapa hapa jf.

 

[DAR si LAMU]

Oh Yeah, Finally...

...nngu007, bado sana. Huyo bwana wa abg was very right alipomwambia mama waziri "hilo ni suala la sera ya benki kuu". Mama waziri could have known better, not to ask abg for that. I mean, those guys are in here to make money and not doing some charity work. They have got shareholders to answer to. And besides, that is purely a policy issue, with implications -luckily for us, if wisely managed, could be positive ones.

...Halafu, Prof. Ndullu ku hint bado haitoshi, it may be wishful thinking. Je, tumetayarisha miundombinu ya ku "hoard" gold, na wizara ya fedha wanasemaje, are they ready for this?

 

[Mtazamaji]

Nyerere hakuacha $$$ nyingi BOT lakini aliacha Gold reserve. IMF walivyokuja wakamdangaya Mwinyi auze Gold reserve yote. Bila kujiuliza na kufikiria mbali akauza yote na kuibadiisha kuwa resever ya makaratasi ya $$$$.

Kihali halisi $$$$ au ££££ ni makaratasi tu ndio maana hata UK , USA bado pamoja na pesa zao kuwa na thamni na kutumika sana kwenye exchange bado zina Gold reserve.

 

[DAR si LAMU]

Nyerere hakuacha $$$ nyingi BOT lakini aliacha Gold reserve. IMF walivyokuja wakamdangaya Mwinyi auze Gold reserve yote. Bila kujiuliza na kufikiria mbali akauza yote na kuibadiisha kuwa resever ya makaratasi ya $$$$. Kihali halisi $$$$ au ££££ ni makaratasi tu ndio maana hata UK , USA bado pamoja na pesa zao kuwa na thamni na kutumika sana kwenye exchange bado zina Gold reserve.

...Turudi kwenye historia kidogo kujibu maswali haya. Enzi hizo, tz ilikuwa na madeni kadhaa, na kama sijakosea, dhahabu hutumika kulipia madeni, pia. Sasa, kuna uwezekano mkubwa, ile bakaa ya dhahabu ilitumika kulipa madeni, ili, tupate mengine.

...Hata hivyo, si rule out kuongopewa kutoendelea na mfumo wa kununua na kuhifadhi dhahabu, for a simple reason, watu wao wangeipataje kwa urahisi.

 

[Mtazamaji]

...Turudi kwenye historia kidogo kujibu maswali haya. Enzi hizo, tz ilikuwa na madeni kadhaa, na kama sijakosea, dhahabu hutumika kulipia madeni, pia. Sasa, kuna uwezekano mkubwa, ile bakaa ya dhahabu ilitumika kulipa madeni, ili, tupate mengine.

...Hata hivyo, si rule out kuongopewa kutoendelea na mfumo wa kununua na kuhifadhi dhahabu, for a simple reason, watu wao wangeipataje kwa urahisi.

Mkuu
Kwani Nyerere wakati anaondoka alicha deni la shilingi ngapi amabalo lilifanya tushindwe kukopa mpaka tutuze reserve ya dhahabu.?
Na je sasa hivi tuna deni l ashilingi ngapi ambalo haliwezi kuwafanya hao IMF walimshauri JK na Mkulo na dnulu kutuzuia kuwa na resever hiyo ya dhahabu.?

Though am not a mchumi sidhani kama deni ndio ilikuwa sababuya kulazimishwa kuuza ile reserve . Deni ilitumika kama kisingizio tu.

 

[MkamaP]

Si wagundue mgodi mwingine tu pale kabla ya kuubinafisisha wachimbe kama miezi 3, nafikiri BoT yote itakuwa imejaa.

 

[DAR si LAMU]

Mkuu Kwani Nyerere wakati anaondoka alicha deni la shilingi ngapi amabalo lilifanya tushindwe kukopa mpaka tutuze reserve ya dhahabu.? Na je sasa hivi tuna deni l ashilingi ngapi ambalo haliwezi kuwafanya hao IMF walimshauri JK na Mkulo na dnulu kutuzuia kuwa na resever hiyo ya dhahabu.? Though am not a mchumi sidhani kama deni ndio ilikuwa sababuya kulazimishwa kuuza ile reserve . Deni ilitumika kama kisingizio tu.

...Mie sijui lilikuwa kiasi gani, nisije kukuongopea. Nnachojua, huwezi pata msaada wa IMF kwenye masuala ya fedha, bila wao kutia mkono kwenye sera zako za fedha na uchumi. For latest info. waulize wagiriki na wataliano. Sasa, inategemea kama unajua unachokifanya na kuweza kukisimamia.

...Food for thought. Sababu ya kuiuza NBC kwa bei ndogo -au ya kutupa- ilikuwa ni nini?

 

[MkamaP]

Hicho kitu kwa nchi masikini kama Tanzania wanatakiwa kufanya kimya kimya.tatizo la wafrika tunapenda sana sifa, hizo ndo zilitakuwa kuwa siri za serikali na sio mikataba.

 

[DAR si LAMU]

Hicho kitu kwa nchi masikini kama Tanzania wanatakiwa kufanya kimya kimya.tatizo la wafrika tunapenda sana sifa, hizo ndo zilitakuwa kuwa siri za serikali na sio mikataba.

...If you are doing gold, you can not hide it. You'll have to trade and deal using it.

 

[MkamaP]

...If you are doing gold, you can not hide it. You'll have to trade and deal using it.

Unakuja kwa public wakati umeshaanza kufanya. Lakini ukija kwa public ndo unawazo washika dau lazima wakukwamishe.

 

[Mrdash1]

Good move,it comes very late though!
BETTER LATE THAN NEVER

Good move, really? if they can get away with paper money what about gold? that will be a very serious EPA

 

[Chamoto]

Afadhali, yaani dhahabu yetu lakini haituimiliki kwenye benki yetu,
yaani kuna watu sijui akili zao huwa zinafikiria nini kuondoa dahabu BOT.
Lakini bado tunataka mabadiliko kwenye sera za madini na uwekezaji.