Tanzania is making a significant shift from a reserve money policy to a short-term interest rates policy next month after a decade of preparations. The Monetary Policy Committee (MPC) has approved this move to control inflation using interest rates, aligning with global practices. The new policy, focusing on short-term interest rates, is a departure from...
The Tanzanian and Ugandan governments have initiated the Multinational Lake Victoria Maritime Communication and Transport (MLVMCT) project, focusing on physical infrastructure development. Implemented through the Lake Victoria Basin Commission (LVBC) in Ilemela District, Tanzania has allocated a 13,827 square meter land for various purposes, including the installation of the Search and Rescue main Station. Captain...
A total of 118 people have lost their lives, with 580 others injured following an earthquake that occurred overnight on Tuesday, December 19, 2023, in China. According to Reuters, the earthquake, measuring 6.2 on the Richter scale, struck the mountainous region on the northern edge of the Qinghai-Tibet Plateau. Rescue efforts have been challenging due...
As the curtain falls on 2023, the government is celebrating a myriad of diplomatic successes, ranging from fostering new investments and trade partnerships to fortifying bilateral relationships across the globe. The Minister for Foreign Affairs and East African Cooperation, Mr. January Makamba, unveiled the substantial gains achieved through foreign missions led by top government officials....
In a significant legal development, the High Court of Tanzania in the Dar es Salaam Region has delivered a verdict in favor of Halima Mdee and her fellow Members of Parliament. This ruling stems from a case they brought against the Chama Cha Demokrasia na Maendeleo (CHADEMA) party’s decision to expel 19 Members of Parliament....
The International Monetary Fund (IMF) has given its approval for the second review of Tanzania’s Extended Credit Facility Arrangement. This means Tanzania will receive an immediate disbursement of approximately $150.5 million to support its budget. The total access under this arrangement for Tanzania is now about $455.3 million. This arrangement aims to help Tanzania recover...
In October 2023, Tanzania experienced a reduction in its current account deficit, which decreased to $3.26 billion compared to the previous year’s figure of $4.99 billion. This positive development was attributed to heightened earnings from seasonal tourism activities and traditional exports, as reported by the Central Bank. The Monthly Economic Review for November 2023 from...
In a strategic move reflecting their commitment to excellence and continual growth, Dubai Ports’ “Kigali Logistics Platform” in Masaka sector, Kicukiro district, inaugurated two spacious warehouses on December 6. The new facilities, covering 2500 and 3000 square meters, mark a significant expansion, bringing the total to twelve warehouses within the past four years. Various officials...
In response to the devastating mudflows disaster that struck Hanang District in Manyara Region last Sunday, the government has initiated a comprehensive plan to relocate affected citizens. The Minister for Lands, Housing, and Human Settlements Development, Mr Jerry Silaa, recently conducted an inspection of an alternative site in Katesh Township, accompanied by Acting Hanang Land...
In a data-driven analysis of Tanzania’s insurance sector, the surge witnessed in recent times can be dissected through the lens of specific initiatives championed by President Samia Suluhu’s administration. Gross Written Premiums (GWP) Growth The standout metric showcasing the industry’s robust health is the Gross Written Premiums (GWP). From TZS 911.5 billion in 2021, the...