The US dollar has been the world’s dominant reserve currency since World War II and is widely used to conduct international trade. A recent push by some world leaders to find alternatives has sparked false claims about changes to monetary policy in several African countries. A post on X, formerly Twitter, claims Tanzania will no longer stockpile the US dollar as a reserve currency following an announcement that it is purchasing gold to bolster its foreign reserves. However, AFP Fact Check found the claim is false: the nation’s central bank will continue to hold both gold and the US dollar in its foreign reserves.

“Tanzania dumps the dollar for gold in their foreign reserves. What’s your opinion on this?” reads the caption of a post on X, formerly Twitter, published on September 27, 2023.

Liked more than 2,000 times, the post includes an announcement from the Bank of Tanzania (BoT) about plans to purchase gold from domestic miners and traders.

The BoT is responsible for setting monetary policy, issuing the Tanzanian shilling, and supervising other banks and financial institutions.

“The Bank of Tanzania wishes to inform the public on the commencement of the Domestic Gold and Purchasing program, which aims to bolster foreign exchange reserves through acquiring and holding gold. The Bank is therefore purchasing gold from domestic miners and traders in Tanzanian Shillings (sic),” reads the official notice signed by the bank’s governor, Emmanuel Tutuba.

The bank posted the ...

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