Browsing: Tanzania economy

Central Bank of Tanzania News Central

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 …

Central Bank of Tanzania News Central

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 …

Zanzibar's presidency

The Tanzanian central bank (Bank of Tanzania – BoT) published a detailed economic bulletin for the quarter ending September 2020, which showed Zanzibar’s economy taking a nosedive contracting by 2 per cent compared to a growth rate of 5.2 per cent in the corresponding quarter in 2019.

Zanzibar—the semi-autonomous region of Tanzania, is taking various measures to enhance economic and trade liberalization that can pave a smooth way for the private sector to get engaged in the local, regional and international arena.…

PaddyTanzaniaLMICArticle Source KenyaTalk

The year 2020 had a lot of events across the development aisle, and Tanzania’s economic upgrade from low to lower-middle-income status by the World Bank (WB), is worth noting as one of the success stories.

There have been a number of forecasts on the economy of Africa and Tanzania at large, with a variety of predictions which point at different directions.

On June 11 2020, the Tanzanian government confidently, via the Ministry of Finance and Planning stated that the nation’s economy is expected to grow at a rate of 5.4 per cent in 2020 compared to earlier estimates of 6.9 per cent.…

Bank of Tanzania - The Exchange (www.theexchange.africa)

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 19th 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 …

tanznaian shillings

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 …

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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 ifew 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-middleincome 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

Economy Industry of Tanzania 1

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

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 …

IMF

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 …