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Bank of Tanzania Overview of the economy 

Business

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

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Report Insight: Tanzania central bank depicts economy with gloomy lens

Business

The central bank of Tanzania (BoT) released the monthly economic review report on Wednesday, August 2021. The report brought various in-depth details on the performance of the life-pumping sectors of the economy in Tanzania, including exports, imports, and money supply.

Inflation

Tanzania has managed to sustain the inflation to a considerate level over the past month; hence in the recent report, the East African country has continued to keep the inflation on a low level and within the benchmarks set forth at national and regional levels.

The report argued that this is attributed to sufficient domestic food supply, stable exchange rate, and prudent fiscal and monetary policies.

“Twelve-month headline inflation increased to 3.6 per cent from 3.2 per cent recorded in the corresponding period in 2020 and 3.3 per cent recorded in May 2021. The increase was mainly attributed to an increase in prices of non-food items”, the Bank of …

Tanzania’s Q2 performance held tight amidst pandemic-grip

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The quarterly economic bulletin published by Bank of Tanzania (BoT) has provided promising prospects for Tanzania’s fast-growing economy.  

The Q2 report for the period ending June 2020 recorded satisfactory performance in a few sectors despite the coronavirus grip. 

In the reporting period, real gross domestic product grew by 5.7 per cent which is slower than 6.3 per cent in the corresponding quarter in 2019.  In the same period, Tanzania attained a lower-middle-income status as categorized by the World Bank. 

According to the central bank’s bulletin, construction, agriculture, transport and storage, mining and quarrying sectors all together were accountable for the 60 per cent mark on growth. 

As Tanzania keeps its mast strong amid fears of the virus, the BoT bulletin depicts inflation was sustained, while monetary policies and enhanced liquidity were responsible for cushioning the financial sector from COVID-19

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