Bank of Tanzania

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Bank of Tanzania
The Bank of Tanzania
The Bank of Tanzania
Headquarters Dar es Salaam
Coordinates 6°48′57″S 39°17′39″E / 6.81583°S 39.29417°E / -6.81583; 39.29417Coordinates: 6°48′57″S 39°17′39″E / 6.81583°S 39.29417°E / -6.81583; 39.29417
Governor Benno Ndulu
Central bank of Tanzania
Currency Tanzanian shilling
TZS (ISO 4217)
Website www.bot-tz.org

The Bank of Tanzania (Swahili: Benki Kuu ya Tanzania) is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling.

The bank was established under the Bank of Tanzania Act 1965. However, in 1995, the government decided that the central bank had too many responsibilities, and was thus hindering its other objectives. As a result, the government introduced the Bank of Tanzania Act 1995, which gave the bank the single objective of monetary policy.

It is governed by a Board of Directors consisting of ten people, four of whom are ex officio members which have three advisory committees that can assist them. The bank is headed by its Governor, assisted by three deputy governors in Administration, Economic and financial policies and Financial stability.

Financial Inclusion[edit]

The Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration[1] during the 2011 Global Policy Forum held in Mexico.

Criticism[edit]

Recently, Bank of Tanzania was involved in an incident which resulted in an audit of its External Arrears Account. About Tshs 133 billion were discovered to have been lost in 2005 through dubious payments. As a result, the President of Tanzania fired the bank's Governor, D. T. S. Ballali, on 9 Jan 2008. Professor Benno Ndullu was appointed to take this position on the same day.

References[edit]

  1. ^ http://www.prnewswire.com/news-releases/maya-declaration-urges-financial-inclusion-for-worlds-unbanked-populations-130887928.html

External links[edit]