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VELMA Law
VELMA Law is based in Dar es Salaam, Tanzania. We provide Tanzanian law advice on commercial matters in a wide range of areas.
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On 7 August 2026, the Bank of Tanzania (BOT) published the Foreign Exchange (Eligible Persons for Gold Transactions with the Bank) Order 2026 through the Government Notice 242 of 2026 (Order).
The Order is intended to prescribe powers of the BOT Governor vested under sections 6(1) and 7(1) of the Foreign Exchange Act Cap 271 RE 2023 and section 5(1) of the Bank of Tanzania Cap 197 RE 2023 in so far as the gold transactions in Tanzania are concerned which includes among others dealing in, holding and managing gold and foreign exchange reserves.
The Order provides for categories of persons who are eligible to transact in gold with the BOT as follows:
- local gold refiners;
- miners;
- dealers licensed or authorised by a competent authority to operate within the United Republic of Tanzania; and
- international gold refiners duly incorporated and operating in their respective jurisdiction and recognised, accredited or certified by a reputable international bullion market authority or under any other internationally recognised standard acceptable to the BOT.
NOTE: This has been prepared for general information purposes for any interested persons, it is not comprehensive information on the subject matter and it should not be regarded as legal advice.