DAR ES SALAAM, July 17 -- THE Bank of Tanzanias (BoT) gold bullion holdings increased last month, strengthening the central banks balance sheet as higher gold reserves offset declines in cash holdings and government securities.

According to the BoTs Statement of Financial Position released on Monday, the value of bullion holdings rose by 4.0 per cent to 6.07tri/- at the end of June, up from 5.84tri/- in May. Monetary gold also increased by 9.9 per cent to 3.45tri/- from 3.14tri/-.

The increase pushed the central banks total assets up by 1.2 per cent to 32.11tri/- from 31.73tri/- recorded at the end of May. Economist and investment banker Dr Hildebrand Shayo said the sustained growth in gold reserves strengthens macroeconomic stability, ...