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Bank of Tanzania (BoT) monthly (November 2019) economic report has analyzed the economic development of Zanzibar, a semi-autonomous region of Tanzania, (an archipelago in the Indian oceans composed of several islands), highlighting various keys issues and developments particularly in managing inflation.
READ: Sector review: a glance at Zanzibar’s agricultural sector
The report indicated that the headline inflation remained below the medium target of 5 per cent, same as the previous month of October, while Annual headline inflation was 2.4 percent in October 2019 compared with 3.7 percent recorded in October 2018 largely due to easing in non-food inflation.
On the same mark, the report indicated that twelve-month non-food inflation eased to 2.7 percent in October 2019 from 4.5 percent in the corresponding month of 2018 mainly due to a decline in prices of kerosene, diesel and petrol, while in October the inflation was moderated by prices of fish, rice, …
The world is much more digitally interconnected, compared to the past three decades, and Tanzania has been busy to get its fair share of interconnectedness.
In 2013, there were about 23 million telecom subscribers in Tanzania, surprisingly at the moment, the number is almost close to double, as Tanzania Communications Regulatory Authority (TCRA), telecoms statistics show, over 43 million subscribers, with an 81 per cent penetration.
It is important to recognize the contribution of the telecoms sector in Tanzania, to the economy and to the promotion of innovative solutions to community problems. Tanzania’s National Bureau of Statistics (NBS) quarterly highlights, show that: information and communications sector recorded a 10.3 per cent growth, compared to 9.6 in the first quarter, thus—the growth is attributed to increasing in airtime used by mobile phone owners, and the expansion of Tanzania’s broadcasting and internet use landscape.
On the side of the context, Bank of …
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 …