Browsing: Central Bank

The Monetary Policy Committee (MPC) which most recently held its ordinary meeting on 22nd May 2023 has approved the toughened stance. The MPC resolved that; “Given the domestic and global economic conditions, the Bank is to sustain the implementation of less accommodative monetary policy in May and June 2023,” in other words, Tanzanians should tighten their belts. Some more. This policy stance will ensure that inflation in Tanzania remains within the target of 5.4 percent in the remainder of 2022/23.” …

The new coins will be available for sale from 25 July in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

“The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production. The coins will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited and Aurex (Private) Limited, local banks, and selected international banking partners. Entities selling the coins shall be required to apply to Know Your Customer (KYC) principles,” read the statement.

Aurex Private, a subsidiary of the central bank, is involved in diamond cutting and polishing over and above the manufacturing of jewellery.…

• Gold exports accounted for 43 per cent of goods exported by the year ending September 2021
• The Tanzanian shilling is argued to be stable against the US dollar
• Still, debt is a thorn to the Tanzanian government as it stands at more than $33 billion 

The central bank of Tanzania released its monthly economic review report on 11 November, for October 2021, and it depicts the economy to be stabilised, despite a few sectors showing some decline in performance.

One of the most promising notes in the report is the stability of the shilling against the US dollar, “trading at an average rate of Tshs. 2,309.62 per US dollar in September 2021, compared to Tshs. 2,310.88 per US dollar in the preceding month,” the report noted.

Inflation

On this crucial sector of the economy, the report noted that inflation remained within the target of 3.5 per cent for the years …

As the world and the East African region continue to recover from different kinds of economic shocks triggered by Covid-19, inflation in Tanzania has also taken different turns. According to the review, in August 2021, twelve-month inflation remained at 3.8 per cent, which is noted to be the same, as the last month.

On the other side of the fence, the review showed that core inflation—of which its index calls of the largest share in consumer price index (CPI), rose to 4.5 per cent in August 2021 from 4.1 per cent in July 2021, this is attributed to the increase in transport costs, “reflecting an upward shift in fuel prices”.

Things seemed to work better in food inflation, whereby annual food inflation—excluding alcoholic beverages, slimmed down to 3.6 per cent from 5.1 per cent, the review argues that this is due to a decrease in prices of maize and maize …

The central bank of Tanzania (BoT) has painted the state of the economy on a different canvas. 

BoT’s economic bulletin for the quarter ending June 2021 and the monthly economic review for July 2021 indicates Tanzania has been on a very promising trajectory for the past two years, shown by its dedication towards building a resilient industrial economy and self-reliance through steady ownership and control of natural wealth. 

According to the BoT, in the quarter ending March 2021, the economy grew by 4.9 per cent compared with 5.9 per cent in the corresponding quarter in 2020 and four sectors were noted to have contributed greatly, namely construction, transport, agriculture and storage. 

Former hotbed sectors and speedy forex contributors such as accommodation and restaurants were gravely impacted by the pandemic, slapping a -1.7 per cent performance for 2021. 

By the end of March 2021, the growth and expansion of telecom in …

The Central Bank of Tanzania (BOT) published the monthly economic review on June 2, 2021, highlighting key economic performance in the country’s different sectors.

Tanzania’s key economic sectors such as exports and imports showed modest performance while inflation remained in tolerable benchmarks.

The East African nation is one of the fastest-growing economies in Africa and it has been on a trajectory to enhance its economy, including advancing to a lower mid-income level, amid uncertainties caused by the global pandemic.

Read: Report Insight: Central bank shows good prospects on Tanzania economy

Various forecasts by different entities including the World Bank (WB) project that Tanzania’s GDP will grow by 4.5 per cent in 2021. However, the global recovery period dictates the fate of its economy.

Inflation

According to the report, headline inflation continues to be within the country and regional benchmarks in May 2021.

“Twelve-month headline inflation remained at 3.3 per cent …

The central bank of Tanzania released the monthly economic review for May 2021 and it has reviewed different sections of the economy with a keen eye.

READ:Tanzania clock’s $3Bn as gold prices soar

Inflation

In this section of the economy, the report showed that, during April 2021, the headline inflation rate remained low and within the country and regional limits.

“Twelve-month headline inflation was 3.3 per cent in April 2021, almost the same as in the preceding month and the corresponding period of 2020,” the report noted.

However, on a month-to-month basis, headline inflation stood at 0.5 per cent, which is a bit higher than the rate registered in the corresponding period of 2020 inflation is projected “to remain within the targeted band for 2020/21”.

Further, the core inflation showed that the index accounts for the largest share in consumer price index (CPI) stood at 3.5 per cent, which …

Tanzania economy is projected to grow at 5.6 per cent, the central bank of Tanzania (BoT) revealed during its May 28, 2021, Monetary Policy Committee (MPC).

As Tanzania ascend towards marking a year since upgraded to a low-middle-income country, it has been taking serious steps to revamp its economy, by reshuffling its investment and trading operations.

Unlike 2020 whereas the entire world was battling COVID-19 this year the MPC noted that it was “pleased with good performance of the economy, which is amid global spillover of the adverse impact of the pandemic. Growth is estimated at 4.8 per cent in 2020, lower than the projection of 5.5 per cent, reflecting the adverse impact of the pandemic”

Further, the committee noted that the economy in 2021 will be reinforced by several sectors particularly construction, agriculture and transport and communications activities.

These projects are rather quite far from the African Development Bank …

The central bank of Tanzania (BoT) releases the April 2021 monthly economic review and it depicted the economy to fair rather moderately amid the waves of COVID-19 recovery globally.

At the moment, Tanzania economy is projected to grow by 5.7 per cent this year, propelled by public investment and normalization of global trade and investment, according to BoT.

Inflation

According to the report, inflation remained low and within the benchmarks set forth at both the national regional levels.

“Year-on-year headline inflation eased to 3.2 per cent in March 2021 from 3.3 per cent in the preceding month and 3.4 per cent in the corresponding period in 2020, driven mainly by the slowdown in prices of rentals paid by tenants, gas, charcoal, firewood, and transportation cost,” the central bank report said.

Further on the line, on a month-to-month basis, headline inflation stabilized at 0.9 per cent in March 2021 as in …

The central bank of Tanzania (BoT) released a monthly economic review report this week the report depicted the performance of different sectors of the economy.

Inflation

Tanzania has been maintaining its inflation rate over the past month in 2021. According to this monthly report, inflation has continued to remain down, evolving within the country and regional targets.

The report argued that the twelve-month consumer price index (CPI) headline inflation eased to 3.3 per cent from 3.5 per cent in the previous month, which is rather widely driven by the slowdown in prices of non-food consumer goods and services.

“On a month-to-month basis, headline inflation was 0.9 per cent in February 2021, compared with 0.8 per cent in the preceding month. Inflation is projected to remain within the target range of 3-5 per cent for the remaining period of 2020/21,” the BoT report noted.

Within the same context, the report pointed …