The central bank of Tanzania (BoT) published its January 2021 monthly economic review report, breaking down several performance aspects of various sectors including exports, imports, as well as the national debt.

Inflation

On this section of the economy, the central bank report showed the year-on-year headline inflation remained moderate at 3.2 per cent in December 2020, compared to 3 per cent in the earlier month.

The report argued that the changes occurred due to price-driven onto food and non-food items. On the overall basis, the inflation rate was within the regional benchmarks as well as below the country medium-term target of 5.0 per cent.

“On month-to-month headline inflation increased to 0.8 per cent in December 2020 compared to 0.3 per cent in the previous month and 0.6 per cent recorded in the corresponding period in 2019” the report noted.

However, the bank report highlighted that inflation is projected to remain …

Tanzania central bank last week produced a monthly economic review for December 2020, which depicted rather a range of issues, for instance on revenue performance being broadly in line with the 2020/2021 target.

Inflation

According to the recent report, the annual headline inflation slightly eased to 3.0 per cent in November 2020 from 3.1 per cent in the preceding month. The central bank argues that this was largely attributed to the slowdown in food inflation, stable exchange rate and moderate oil prices in the world market.

Hence, the inflation rate remains within the regional benchmarks and is below the country medium-term target of 5 per cent.

“On a month-to-month basis, headline inflation increased to 0.3 per cent in November 2020 compared to a rate of negative 0.1 per cent in the previous month and 0.5 per cent recorded in the corresponding period in 2019. Inflation is projected to remain in …

The Bank of Tanzania (BoT) has reassured customers and stakeholders of the China Commercial Bank Ltd. in Dar es Salaam that their interests are safe and secured.

“We want the public and all stakeholders to know that their money is safe and secure,” said a BoT source (name withheld).

The source went on to state that, as the official press statement from the bank says, all the stakeholders’ interests will be protected.

However, customers will not be able to carry out any transactions for the 3 months’ period that the bank will be closed.

On the morning of 19^th November 2020, the central bank of Tanzania (BoT) announced that ‘following of China Commercial Bank Limited to meet regulatory requirements regarding capital adequacy, the Bank of Tanzania has, pursuant to powers conferred to it under Section 56(1)(g)(i) and (iii) of the country’s Banking and Financial Institutions Act 2006, taken over …

Central Bank of Tanzania

Tanzania Central Bank (Bank of Tanzania) has released it’s monthly economic review bulletin for September 2020, earlier this week, which displayed rather a good prospect for Tanzania’s economy.

The bulletin comes within the same week, when the central bank’s Monetary Policy Committee (MPC) affirmed that Tanzania’s economy will grow by 5.5 per cent in 2020, according to information from The Citizen.

Further, the team noted that—the bank’s accommodative monetary policy was being implemented in a fashion that macroeconomic indicator remained positive, despite the impact of coronavirus (COVID-19) on the global economy.

However, the monthly economic review depicted inflation at a lower level, while exports and foreign exchange reserves remained rather adequate.

Inflation

The report showcased the headline inflation at a stabilized point, standing at 3.3 per cent in August 2020. On a comparison basis, inflation is at a much lower point—than 3.6 per cent in August …

Tanzania’s National Bureau of Statistics (NBS) report on the first-quarter gross domestic product (GDP) showed that the Tanzania economy managed to hit 5.7 per cent growth in Q1 compared to 6.3 per cent in the previous year similar quarter.

According to the report, the Q1 value of GDP in absolute terms GDP stood at around $ 15 billion compared to over $14 billion in 2019. On the same mark, the value of GDP at 2015 constant prices rose to nearly $13 billion in Q1 from $9 billion in the corresponding quarter in 2019.

However, the comprehensive report shows that the reformed mining and quarrying industry recorded the highest growth at 15.3 per cent and gold production was a factor.

The newly World Bank categorized middle-income nation of more than 58 million, also saw growth from human health and social work activity (10.2 per cent), professional, scientific and technical activity (8.9 …

Tanzania Budget 2020/2021

The Tanzanian Minister of finance and planning, Dr Philip Mpango brought the fifth government’s revenue and expenditure estimates for the year 2020/2021 before the parliament, and around $15 billion was the requested budget to be endorsed.

The anticipated document—which is also the fifth national budget under President John Magufuli administration, was somewhat a mix of recovery from COVID-19 economic shocks, a progression of development initiatives and a rather relief to several sections of the economy, including scratching off some levies and giving income earners relief.

“The year 2019/20 is ending with unexpected circumstances resulting from the destruction of transport infrastructure caused by heavy rains/floods across the country as well as the Covid-19 pandemic. The government is compelled to allocate more resources.,” Finance and Planning Minister Philip Mpango told Parliament yesterday

Also, as Tanzania reopens its economy after assessing the trend of the pandemic, the minister said that …

The executive board of the International Monetary Fund (IMF) approved a $14.3 grant under its Catastrophe Containment and Relief Trust (CCRT) yesterday to assist Tanzania in servicing its debt to October 13, 2020.

According to the lender statement, further allocation of additional relief covering the period of October 14, 2020, to April 13, 2022, will be granted subject to the availability of resources in the CCRT, potentially bringing total relief on debt service to the equivalent of about $25.7 million.

Tanzania has been one of many countries in Africa where it’s the fast-growing economy was shaken by the coronavirus (COVID-19) pandemic.

As crucial sectors including tourism, travel and exports were hurt—the IMF equivocally noted that the debt service relief will aid “alleviating Tanzania’s balance of payment needs stemming from the COVID-19 pandemic,”

Tanzania’s closest lender also took the liberty to address various issues including debt service anticipated impacts …