Central Banks
Tanzania to Pay Market Prices to Miners Ordered to Sell Gold to Central Bank
- Miners were ordered to sell 20% of their gold to central bank
- Move aimed at helping nation diversify foreign reserves
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Tanzania’s central bank said it will buy gold at market prices from mining firms and traders who were ordered last week to sell it at least 20% of the gold they hold to help diversify its reserves.
The central bank will also offer reduced fees and faster payment processing as part of the gold purchase program, it said in a public notice on Oct. 1.