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Annual Report 2019/20 Bank of Tanzania

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Annual Report 2019/20 Bank of Tanzania BANK OF TANZANIA - ANNUAL REPORT 2019/20 REPORT ANNUAL - TANZANIA BANK OF BANK OF TANZANIA ANNUAL REPORT For inquiries contact: Director of Economic Research and Policy Bank of Tanzania, 2 Mirambo Street 11884 Dar es Salaam 2019/20 Tel: +255 22 223 3328/9 http://www.bot.go.tz BANK OF TANZANIA ANNUAL REPORT 2019/20 Bank of Tanzania Annual Report 2019/20 © Bank of Tanzania. All rights reserved. This report is intended for general information only and is not intended to serve as financial or any other advice. No content of this publication may be quoted or reproduced in any form without fully acknowledging the Bank of Tanzania Annual Report as the source. The Bank of Tanzania has taken every precaution to ensure accuracy of information, however, shall not be liable to any person for inaccurate information or opinion contained in this publication. For any inquiry please contact: Director of Economic Research and Policy Bank of Tanzania, 2 Mirambo Street 11884, Dar es Salaam Telephone: +255 22 223 3328/9 Email: [email protected] This report is also available at: http://www.bot.go.tz ISSN 0067-3757 B Bank of Tanzania Annual Report 2019/20 December 2020 Hon. Dr. Philip I. Mpango (MP) Minister of Finance and Planning United Republic of Tanzania Government City – Mtumba Hazina Street P.O. Box 2802 40468 Dodoma TANZANIA Honourable Minister, LETTER OF TRANSMITTAL In accordance with Section 21 (1) of the Bank of Tanzania Act, 2006 Cap. 197 as amended, I hereby submit: a) The report on economic developments and the Bank of Tanzania’s operations, in particular, the implementation and outcome of monetary policy, and other activities during the fiscal year 2019/20; and b) The Bank of Tanzania Balance Sheet, the Profit and Loss Accounts and associated financial statements for the year ended 30th June 2020, together with detailed notes to the accounts for the year and the previous year’s comparative data certified by external auditors along with the auditors’ opinion. Yours sincerely, Prof. Florens D.A.M. Luoga Governor Bank of Tanzania i Bank of Tanzania Annual Report 2019/20 Contents LETTER OF TRANSMITTAL ............................................................................................................... i Governor’s Foreword .......................................................................................................................... iii Board of Directors .............................................................................................................................. iv Bank of Tanzania Mandate, Mission, Vision and Core Values ............................................................ vi Monetary Policy Framework of the Bank of Tanzania ........................................................................ vii Executive Summary ........................................................................................................................... ix PART I: CONDUCT OF MONETARY POLICY .................................................................................. 1 PART II: ECONOMIC PERFORMANCE ............................................................................................ 7 1.0 Domestic Economic Developments ............................................................................................ 8 2.0 External Sector ........................................................................................................................... 21 3.0 Financial Sector .......................................................................................................................... 26 4.0 Payment Systems ....................................................................................................................... 29 5.0 Zanzibar Economic Performance ................................................................................................ 31 6.0 Global and Regional Economic Performance ............................................................................ 37 PART III: BANK OF TANZANIA OPERATIONS ............................................................................... 41 PART IV: ANNUAL ACCOUNTS ........................................................................................................ 47 PART V: CALENDAR OF IMPORTANT MONETARY AND FINANCIAL EVENTS ........................... 175 PART VI: STATISTICAL TABLES ...................................................................................................... 181 ii Bank of Tanzania Annual Report 2019/20 Governor’s Foreword This report covering among others annual economic developments in the country for the period ending June 2020, was written when the global environment was still uncertain owing to the negative effects of the COVID-19 pandemic on global economies. Mindful of this, the Bank and the Governments took several measures to lessen or eliminate possible negative impact of the pandemic on our economy. Indeed, these measures, some of which are elaborated in the report, helped significantly to cushion Tanzania’s economy from the shock. It is encouraging to note that, the country continues to be among the fastest growing economies in sub- Saharan Africa, with a real GDP growth of 7.0 percent in 2019, and moderate inflation averaging 3.5 percent in 2019/20. Achievements are also evident in other key macroeconomic indicators as well. Worthy mentioning, credit to the private sector continues to grow amidst softening short-term interest rates; and stable, profitable, and adequately capitalized banking sector. Fiscal policy remains on track leveraging technology on revenue mobilization, and streamlined expenditure towards financing strategic development projects. At the same time, increases in exports have helped built resilience in the external sector. To preserve these gains in the economy, the Bank seeks to maintain accommodative monetary policy stance, while ensuring inflation remains within a range of 3 to 5 percent. Policy direction will also be geared towards smooth functioning and stability of the financial sector and exchange rate, as well as strong growth of credit to the private sector. Equally important is working with other stakeholders to take forward efforts to advance and accelerate financial development geared at enhancing access to and usage of financial services. I sincerely thank the Bank of Tanzania Board of Directors for their stewardship in implementing and fulfilling the Bank’s mandate. I would also like to extend my appreciation to the Management team and staff for their tireless commitment and dedication in attaining country’s financial and economic objectives. Now that Tanzania is a middle-income country, we look forward to sustaining the collaboration with all our stakeholders for even greater achievements. It is my sincere hope that you will find this Report useful. Prof. Florens D.A.M. Luoga Governor Bank of Tanzania iii Bank of Tanzania Annual Report 2019/20 Board of Directors The Board is at the apex of the governance structure of the Bank of Tanzania, and is chaired by the Governor of the Bank of Tanzania, who is also the Chief Executive Officer of the Bank. The Board is mainly responsible for determination of the policy of the Bank and approval of its budget. Bank of Tanzania Board of Directors is composed of the Governor; Deputy Governors; the Permanent Secretary to the Treasury of the Government of United Republic of Tanzania (URT); the Principal Secretary to the Treasury of the Revolutionary Government of Zanzibar (RGoZ); and four non-executive Directors. The Permanent Secretary, Ministry of Finance and Planning of the URT and the Principal Secretary, Ministry of Finance and Planning of the RGoZ may appoint, in writing, persons in the public service to be their representatives. In their capacities as members of the Board, the appointed persons have the powers of the Permanent Secretary or Principal Secretary. iv Bank of Tanzania Annual Report 2019/20 Board of Directors Prof. Florens D.A.M. Luoga Governor, Chairman Dr. Yamungu M. Kayandabila Dr. Bernard Y. Kibesse Mr. Julian B. Raphael Deputy Governor, Economic and Deputy Governor, Financial Stability and Deputy Governor, Administration and Financial Policies (EFP) Financial Deepening (FSD) Internal Controls (AIC) Mr. Khamis M. Omar Mrs. Mary N. Maganga Prof. Nehemiah E. Osoro Principal Secretary to the Treasury, Representative of the Permanent Director RGoZ Secretary to the Treasury of the Government of URT Mr. Geoffrey I. Mwambe Mr. Joseph O. Haule Mr. Joseph A. Meza Director Director Director Mr. Palloty M. Luena Secretary v Bank of Tanzania Annual Report 2019/20 Bank of Tanzania Mandate, Mission, Vision and Core Values Mandate: The primary objective of the Bank of Tanzania, as enshrined in the Bank of Tanzania Act 2006, Cap. 197, is to formulate, define and implement monetary policy directed to the economic objective of maintaining domestic price stability conducive to a balanced and sustainable growth of the national economy. Without prejudice to aforementioned, the Bank also ensures the integrity of the financial system, supports the general economic policy of the Governments, and promotes sound monetary, credit and banking conditions conducive to the development of the economy. Mission: Maintain price stability and integrity of the financial system for inclusive economic growth. Vision: Attained macro-economic stability, modernized financial system and expanded financial inclusion that supports Tanzania’s inclusive industrial economic growth. Core Values: The Bank embraces the
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