Bank of Tanzania (BoT)

Bank of Tanzania (BoT)

The Bank of Tanzania (BoT) said the current account balance narrowed to a deficit of 4.29 billion US dollar for the year ending March, compared to 5.10 billion US dollars in a corresponding period last year.

According to the bank, the improvement was mainly on account of increase in exports of goods and services coupled with a decrease in imports of both goods and services.

This was contained in?its latest monthly economic review.

The?capital and financial account balances deteriorated, leading to worsening of the overall balance of payments to a deficit of 460.2 million US dollars compared to a surplus of 192.2 million US dollars recorded in 2014.

The deficit depleted gross official foreign reserves to 4.06 billion US dollars at the end of March from 4.22 billion US dollars recorded at the end of the preceding month.

The fall the Bank noted in its?April?s Month Economic Review, that was on account of payment of government external obligations. Also the decline was registered following selling of foreign exchange in the interbank foreign exchange market for liquidity management and smoothening out of short-term fluctuations in the exchange rate.

 

Also, value of export of goods and services amounted to 9.35 billion US dollars in the year ending March, compared with 8.59 billon US dollars recorded in the corresponding period in 2014.

spyGhana.com

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