By Carlos Claudio, Dar es Salaam.
The Governor of the Bank of Tanzania (BoT), Emmanuel Tutuba, has reaffirmed the central bank's commitment to implementing prudent monetary policies to ensure the country's economy remains stable, inflation stays within the target range of 3 to 5 percent, and liquidity remains sufficient to support sustainable economic growth.
Speaking after touring the Bank of Tanzania's pavilion at the 50th Dar es Salaam International Trade Fair (Sabasaba)at the Mwalimu Julius Nyerere Grounds, Tutuba said the exhibition has provided an important platform for educating the public about financial matters, showcasing BoT services, and highlighting the central bank's contribution to Tanzania's economic development.
He said the Bank is encouraged by the large number of visitors seeking information on monetary policy, financial sector regulation, the Sema na BoT complaints resolution system, and the various financial services and opportunities offered by the institution.
"We have seen a growing public interest in understanding how the Bank of Tanzania manages the economy, particularly regarding the Central Bank Rate, which currently stands at 6.25 percent. Our assessment indicates that this rate will continue to keep inflation under control, improve liquidity in the banking sector, and support increased lending to the private sector," Tutuba said.
The Governor added that BoT expects the Tanzanian shilling to remain stable, particularly during the harvest season, a development that will help farmers secure better prices for their produce while enhancing the competitiveness of Tanzanian products in international markets.
Tutuba also revealed that the Bank is finalizing legislation and regulations to govern digital assets, including cryptocurrencies such as Bitcoin and stablecoins.
He said the new legal framework is intended to protect consumers of financial services while preventing the misuse of digital assets for money laundering and terrorist financing.
He noted that the initiative is being developed in line with international best practices and follows BoT's participation in global discussions on the regulation and supervision of digital assets.
In addition, Tutuba said the Sema na BoT complaint-handling system has significantly reduced the number of complaints from users of financial services.
He added that the Bank is continuing to improve the system to ensure it is accessible even to citizens who have limited access to digital technology.
He encouraged visitors to the Sabasaba exhibition to take advantage of the opportunity to visit various pavilions and acquire financial knowledge and information that can strengthen their businesses and economic activities.
Speaking about the 60th anniversary of the Bank of Tanzania, Tutuba said the institution has made remarkable progress in maintaining macroeconomic stability, strengthening banking sector supervision, modernizing payment systems, promoting financial literacy, and expanding access to financial services across the country.
According to the Governor, these achievements have positioned Tanzania among the countries with a stable economy and a strong financial system that continues to attract both domestic and international investors.
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