TANZANIA, Aug. 4 -- TO support our economy, there has been a persistent focus on buying gold to be kept in the Central Banks vaults.

After the Bank of Tanzania (BoT) announced on September 27, 2023, the launch of a domestic gold purchasing programme using Tanzanian currency and called on all industry stakeholders to participate fully to strengthen the national economy, reports from the central bank show that the initiative has gained substantial momentum, along with increased gold purchases.

Policy-wise, many believe that simply accumulating real gold automatically boosts a countrys currency strength. However, from an economic point of view, gold enhances monetary credibility only if it is widely recognised, fully traceable, serialised,...