Latest news with #EmmanuelTutuba
Reuters
03-07-2025
- Business
- Reuters
Tanzania central bank cuts policy rate as it sees stable inflation
DAR ES SALAAM, July 3 (Reuters) - Tanzania's central bank lowered its benchmark interest rate (TZINTR=ECI), opens new tab by 25 basis points to 5.75% on Thursday, saying it expected inflation to remain stable below its medium-term target. The Bank of Tanzania targets inflation of 5%, and consumer inflation (TZCPIY=ECI), opens new tab has hovered around 3% since it launched its policy rate in January 2024. The bank had left the rate unchanged at its four previous monetary policy meetings. Governor Emmanuel Tutuba told a press conference that the bank's projections showed inflation would remain below target, helped by the onset of the harvest season and exchange rate stability. Tutuba said global risks had moderated on account of tariff negotiations between the U.S. and its major trading partners and the Monetary Policy Committee was confident on the outlook for the third quarter. The East African country's government sees economic growth rising to 6% this year, from 5.5% last year, helped by the start of electricity generation at the Julius Nyerere hydropower dam. President Samia Suluhu Hassan's administration has been pushing ahead with large-scale infrastructure projects like the dam and a railway network ahead of elections due in October.
The Star
03-05-2025
- Business
- The Star
Tanzania's central bank bans use of foreign currency for local transactions
DAR ES SALAAM, May 3 (Xinhua) -- Tanzania's central bank said in a statement late Friday that it has prohibited the use of foreign currency for local transactions and payments. The Bank of Tanzania (BoT) said under regulations issued by the government in 2025, pricing and payment for all goods and services within the country must be made in Tanzanian shillings. The statement, signed by BoT Governor Emmanuel Tutuba, said the regulations also specify transactions that are permitted to be conducted in foreign currency. It said foreigners, including tourists, are required to exchange foreign currency at commercial banks or exchange bureaus in Tanzania. They can still pay with bank cards or other digital methods. The BoT also urged the public to report any violation of these regulations to the central bank through the Financial Intelligence Unit, the police, or any other law enforcement authority for appropriate action.
