Browsing: Bank of Tanzania

The Bank of Tanzania (BoT) has aligned various approved policy measures necessary for rescuing the economy from gruesome effects of the Coronavirus (COVID-19), which has already demonstrated its impacts by destabilizing the tourism and aviation sector in Tanzania.

The bank announced the new move on Tuesday, through a statement.

As Tanzania still records nearly 500 confirmed cases and 16 deaths, the central bank’s Monetary Policy Committee (MPC), which met on 8 May 2020, agreed on the measures to “safeguard the financial sector stability and continue facilitating the financial intermediation process” according to the central bank’s statement.

How local banks get saved

Tanzanian business shutdown and some worrying about their loan repayment schedules, the central bank has emerged with a rather customized solution to aid the banking and business community in that manner.

The bank has urged banks and other financial institutions to assess financial challenges faced by borrowers triggered …

The Bank of Tanzania (BoT) released its monthly economic report for the November edition, which encompasses the export and import sector performance, of which the report indicates a decent growth and a substantial fall in cashew nuts exports.

Export

Per the report, the value of goods and services exports grew by 10.3 per cent which is over $9.4 billion in the year ending October 2019, this is higher compared to the previous report which showed a 5.2 per cent rise.

The rise is attributed to the performance of the services receipts and non-traditional goods exports. The exports of the non-traditional goods amounted to over $4.1 billion from $3 billion in the corresponding period of 2018.

Just like in the performance of the year ending September 2019, the report argues that all major categories of non-traditional goods exports grew except re-exports and fish products,

Following that period, the value of gold …

Cryptocurrencies might not be trending anymore in Tanzania, as the Bank of Tanzania (BoT) unequivocally issued a statement on November 12, this year.

The bank noted that trading, marketing and usage of virtual currency is contrary to existing foreign exchange regulations, the BoT press release reads.

The first famous decentralized cryptocurrency bitcoin created in 2009, began taking a rather wide interest in Tanzania, for the past three years. The virtual currency disruption has been noted by the BoT, which led to the central bank’s decision to intervene.

“The Bank of Tanzania has noted a growing trend among members of public engaging in activities related to the usage of virtual currencies (cryptocurrencies) in the country. The Bank is also aware of incidences where these currencies are being marketed and traded with a perception of making them appear as if they were a legal tender in the country. Moreover, there are some …

Zanzibar’s economic developments have grabbed Bank of Tanzania (BoT)’s attention in its monthly economic review.

According to the study, inflation remained fairly balanced, revenue collection has been gaining substantial raise, while the external sector performance dwindled.

Zanzibar which is a semi-autonomous region of Tanzania, with fertile historical and economic relations with Tanzania, has been taking crucial steps in its economic endeavors, including agriculture and tourism.

According to the 2018 National Budget brief of Zanzibar, prepared by Office of the Chief Government Statistics (OCGS) and United Nations Children’s Fund (UNICEF), Zanzibar has maintained impressive economic growth; government revenues and expenditures are expanding rapidly. In the financial year of 2017/18, the approved budget totals $ 483 million which is a 29 per cent increase in total expenditures in nominal terms (or 26 per cent in real terms).

READ: Zanzibar plans airports face-lift to meet global standards

Inflation and budgetary operations

Per the …

Tanzania is the host of the 6th African Islamic Finance Summit, which commenced on 4th November 2019.

In the commercial pulse, Dar es Salaam, attracting a diverse range of financial actors, not only from the Islamic banking and finance landscape from Tanzania and other 20 nations across the world, but also government parastatals working parallel with Islamic monetary institutions to streamline financial inclusion.

According to the summit organizer, Center for Islamic Banking and Economics (CIBE), the summit attracted more than 20 international speakers who will be displaying their valuable contribution for two days in various crucial topics of discussions.

Patently, the banking and financial industry of Tanzania as well as the surrounding areas of the sector, stand to gather useful information and insights on the Islamic financial sector and solutions to the escalating problems of the society, particularly to the banking landscape in Tanzania

The summit unveiled rather potent issues …

Tanzanian government’s efforts to boost  its economy have shown slight improvement over the past 22 months.

According to statistics, whereas inflation has remained significantly below the medium target of 5.0 per cent and lower than the respective convergence criteria for EAC and SADC of maximum 8.0 per cent and 3 to 7 per cent over the past good six years, Bank of Tanzania (BoT), monthly economic review report reveals.

With the Gross Domestic Product (GDP) at 6.6 per cent, inflation in Tanzania has been taking a rather decent fall over the past month, whereby according to the report, in August the annual headline inflation was at 3.6 per cent compared to 3.7 per cent in the previous month.

According to the report, headline, food, non-food and core annual inflation rates have been decreasing since 2016, while food inflation peaked higher from November 2016 to November 2017, then taking a fall …

The Tanzanian shilling is expected to hold steady against the United States dollar in the second quarter of 2019 due to increased inflows of the greenback from tourism,  agriculture exports and demand from corporate to meet the 2018 dividend obligations.

The National Microfinance Bank (NMB) Market Digest said in its report that the second quarter will witness increase of inflows from tourism and agriculture thus bolstering the local unit.

The report stated that with traditional inflows mostly from tourism and agriculture expected to increase by June, the local unit is to hold steady with minimal volatility as the central bank continues its liquidity management efforts to preserve calm market conditions.

Further, according to the report, the local currency ended the quarter strongly after trading weaker during the first two months of the year to appreciate by 2.1 per cent. The quarter opened at Tshs.2,300 per dollar, traded to a high …

The Bank of Tanzania (BoT) has said that in February this year the value of export of goods and services increased to Tshs.2.04 trillion ($890 million) from Tshs.1.6 trillion ($698 million) in the preceding month.

According to the BoT`s monthly economic review (MER) for March, an increase is owing to good performance recorded in export of goods particularly gold.

The review said likewise, the value of exports of goods and services increased to Tshs.19.6 trillion ($8.5 billion) in the year ending February 2019 from Tshs.19.3 trillion ($8.4 billion) in the corresponding period in 2018, owing to good performance recorded from non-traditional exports and services receipt.

It added that the value of traditional goods exports increased to 161.9 billion ($70.4 million) in February 2019 from Tshs.88.3 billion ($38.4 million) in January 2019 with cotton and tobacco recording the highest growths.

According to the review, the value of coffee and tea exports …