Tanzania’s foreign currency situation is expected to continue improving, thanks to various factors. Foreign exchange inflows from tourism, export crops, and minerals, along with measures implemented by the Bank of Tanzania (BoT) and the government, contribute to this positive trend. According to the latest statement from the Monetary Policy Committee (MPC) released by the Central...
In June 2023, Tanzania’s balance of trade saw a shortfall of $4.86 billion, a notable contrast from the $3.398 billion deficit registered in the corresponding period of June 2022. The driving factor behind this discrepancy, as outlined in the Bank of Tanzania’s (BoT) Monthly Economic Review for June 2023, lies primarily in escalated import expenditures....
With marketers of petroleum products continuously detailing how the appreciation of the United States dollar was adversely impacting their business, resulting in a pump price rise, the Bank of Tanzania (BoT) says it was now taking at least five measures to address the situation. With the greenback now fetching Sh2,510/Sh2, 610 in bureau de Change...
According to the statement issued by the Bank of Tanzania (BoT) on Tuesday, there has been a growing trend of pricing goods and services for locals in US dollars. The central bank emphasized that this practice is a violation of directives issued in August 2007 and December 2017, which prohibit domestic payments for goods and...
The Bank of Tanzania’s (BoT) latest Monthly Economic Review (MER) for November 2022 has put Tanzania’s stock of external debt – for both the public and private sectors – at $27.482 billion as at the end of October 2022. While the amount symbolises a $140.4 million increase compared to what it was at the end...
Tanzania’s foreign exchange reserves can now cover only 4.2 months of imports, the shortest five-year period. The Bank of Tanzania has attributed this to the economic consequences of the war in Ukraine. Russia’s invasion of Ukraine in February 2022 triggered rising energy costs, surges in commodities prices, and significant damage to the global value chains....
Tanzania Monetary Policy Committee (MPC) sat on August 5, 2022, to assess the conduct of monetary policy in May and June and economic performance. The committee’s report shows that the implementation of the monetary policy is pleasing, for it has maintained adequate liquidity in the bank for lending to the private sector despite facing the...
The government’s domestic debt has risen over 52% in the last four years. The official data reveal that the debt has been dramatically increasing as it stood by Sh. 13 trillion in January 2018 and recorded at Sh. 25 trillion by January 2022. According to Mr Emmanuel Turuba, the permanent treasury secretary, the government uses...