DAR ES SALAAM, Jan. 30 -- The Bank of Tanzania (BoT) has dismissed reports circulating on social media claiming that it plans to sell part of its gold reserves to finance strategic government projects.

Speaking in Dar es Salaam, BoT Director of Financial Markets, Emmanuel Akaro, said the claims are false and baseless.

He explained that what is currently being implemented is a plan to sell gold holdings that exceed the level approved by the Banks Board, intending to rebalance the composition of the gold reserves.

According to Akaro, the BoT Board has approved a ceiling of up to USD 2bn US dollars in gold reserves. However, the current value of the gold reserves stands at 3.24bn US dollars, prompting the Bank to sell the excess amount. ...