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...
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....
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...
By Kheri Mahimbali Increased contribution to GDP The mining sector’s contribution to the country’s gross domestic product (GDP) reached 9.1% in 2022, demonstrating its vital role in the national economy (from 6.7% in 2020). Strong growth The sector also experienced significant growth, reaching 10.9% in 2022. This positive trend indicates the sector’s resilience and potential...
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...
President Samia Suluhu’s recent address at COP28 in Dubai has reverberated with urgency, underscoring the critical need for concrete action on climate change. This in-depth analysis delves into the nuances of her speech, examining the President’s dynamic tone, concerns, and the resounding call to unite, act, and deliver on the global stage. The Tanzanian leader’s...
In a strategic move, Tembo Gold Corporation has unveiled plans to undergo a significant rebranding, transitioning into Lake Victoria Gold Ltd, pending regulatory approvals. The decision stems from the company’s newfound position in the highly prospective Lake Victoria Greenstone Belt and recent acquisitions that have propelled it into a new phase of growth. The acquisition...
Somalia has officially become the eighth member of the East African Community (EAC), marking a significant development in the regional trade bloc. The announcement was made during a summit in Tanzania by the outgoing EAC chair, Burundian President Evariste Ndayishimiye. The EAC, founded in 2000, is dedicated to promoting trade by eliminating customs duties among...
The Rural Energy Agency (REA) reported a surge in applications for loans to establish rural filling stations, but only a handful made the cut. Of the 176 applications received after closing the tender in August, only 26 were deemed fit to proceed to the next round after scrutinization. The REA, aiming to reduce risks associated...