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Tanzania's central bank will continue to reduce money supply in the economy in September and October to slow rising inflation in Tanzania.
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| Forex (TZS) | USD | GBP | EUR | KES | UGX | ZAR | TRY | CNY |
|---|---|---|---|---|---|---|---|---|
| Buying | 2,295.77 | 2,485.63 | 2,218.86 | 19.04 | 0.58 | 127.42 | 124.45 | 320.77 |
| Selling | 2,318.73 | 2,511.18 | 2,241.52 | 19.20 | 0.60 | 128.64 | 125.63 | 323.80 |
The monetary policy committee (MPC) issued a statement,where it recommended that the speed of expanding liquidity be reduced in the remaining portion of 2022 to reduce inflation.
The Bank of Tanzania (BoT) aims at reducing inflationary pressures while safeguarding economic activity. Inflation in Tanzania rose to 4.6% in August from 4.5% the previous month and 3.6% in March, well below the target of 5.4% for 2022/2023. A similar trend in Zanzibar reached 5.4% from 3.5%, compared with a target of 5%.
While the country's economy was facing a range of challenges, including weak global growth, high commodity prices, oil prices, tight financial conditions, and the recurrence of COVID-19 in some countries.
Inflation is expected to remain consistent with the target throughout the fiscal year and stability is expected with the exchange rate and moderation in food prices.
Gross private sector credit growth improved by around 20% in July and August, compared with projections of 10.7% for 2022/2023. Gross official reserves remained adequate at $5,092 million in August 2022.
Sources/References:
The Reuters News
Links: https://www.reuters.com/world/africa/tanzania-central-bank-reduce-liquidity-tackle-inflation-2022-09-24/
The IP media news
Links: https://www.ippmedia.com/en/business/bot-continue-reducing-liquidity-gradually
US News
Links; https://money.usnews.com/investing/news/articles/2022-09-24/tanzania-central-bank-to-reduce-liquidity-to-tackle-inflation
