In a twist to the debate about the correct level of foreign-exchange reserves a country should hold, a number of local newspapers have reported that the bank of Tanzania has commissioned a consultancy to look into the idea of being able to draw on funds held in offshore accounts by mining companies if required at times of crisis. At present, under the 1998 Mining Act, many mining companies legally hold offshore accounts into which they deposit revenue from mineral sales, only repatriating, or converting the money into shillings, when they need to meet the day-to-day running costs of their mines and make tax payments. It is for this reason that there are much more limited inflows into the foreign-exchange market than the total value of mineral exports would indicate. Gold exports were worth US$1.49bn in 2010 according to central bank data, but it is hard to know how much was actually sold onto the local foreign-exchange market. This, in turn, is why earnings from traditional exports such as coffee and tea are often more important in influencing the value of the shilling.

Although entirely legal, these accounts have always attracted a degree of political sensitivity in Tanzania, with some-most recently led by the chairman of the Mining Review Commission, Mark Bomani-arguing that while they may have initially been required as an incentive for mining companies to invest in Tanzania, this was no longer the case given the development of the foreign-exchange market. However, the Economist Intelligence Unit considers that this claim should be treated with a degree of caution as large and lumpy flows by mining companies into and out of Tanzania could significantly increase exchange-rate volatility.

At present, the Bank of Tanzania has made no firm decision about whether to pursue the option of being able to access the offshore accounts. The governor, Benno Ndulu, has noted that gaining rights to access the money in the accounts is potentially a legal minefield, which in itself could mean that the idea might never take off. The Tanzanian Chamber of Mines has, unsurprisingly, taken the lead in opposing any moves in this direction on behalf of the mining companies.