DAILY NEWS Reporter
Local financial markets professionals have promised to work closely with regulators to improve product offering as they seek to deepen Tanzania financial markets.
Association Cambiste Internationale (ACI) Tanzania, which is part of the global association of financial markets professionals, says the local market has limited product offerings compared to other developed markets and it is in the hands of local dealers to move this market forward.
ACI Tanzania president Mr Abdulrahman Said said that regulators were very important to ACI and in addition to working with the Bank of Tanzania, they also aim to work closely with Dar es Salaam Stock Exchange (DSE) and Capital Markets and Securities Authority (CMSA) to identify specific areas that they can collaborate and improve the product offerings within the regulatory framework of Tanzania financial markets.
“Things like secondary market for bonds is still far from where we want it to be and this is now even more crucial since the opening up of our capital account to EAC countries,” said Mr Said.
He said the association was also organizing training to narrow the knowledge gap that currently exists among the dealers in the local market. Members of ACI are in a large part engaged in professional trading, broking, operations, regulatory and compliance activities in foreign exchange, money market, fixed income and derivatives markets.
The Paris-based society currently counts some 13,000 international members from more than 60 countries, with Tanzania having over 200 members mostly from commercial bank treasuries.
ACI Tanzania held a meeting last week to share progress made, goals for the next two years and give opportunity to financial market professionals in Tanzania to exchange ideas and network.
This is the only event that brings together the largest number of financial markets professionals in the country and was attended by the Director of Financial Markets, Bank of Tanzania Mr. Alex Ng’winamila as the guest of honour.
“This year we have held various meetings with the Bank of Tanzania to discuss various market challenges together with the things we can do to develop this market and the response from the Bank of Tanzania has been very positive.
There is a lot that we can do as a market and work together to bring financial markets solutions that can help the wider market. ACI Tanzania has a strong support from the Directorate of Financials Markets – Bank of Tanzania, Tanzania Bankers Association (TBA) and Commercial Bank Treasurers.” share the financial markets experience with students in the primary, secondary and university levels to deepen the knowledge.
Mr Said said; “when I was applying for University, the only programmes that I was aware of included medicine and computer science only – as I knew nothing about economics, business management or financial markets.
We are very fortunate to be in the financial markets profession and it is something that we should all be proud of. It is important that we share our experience and knowledge with our brothers and sisters who are still in school so that they can be the ones to make a difference in our beloved country tomorrow.”