BoT briefs IMF how it stabilizes Tanzanian shilling, foreign exchange reserves through the gold purchase

DODOMA: THE Governor of Tanzania (BoT), Emmanuel Tutuba, has held talks with the International Monetary Fund (IMF)’s new Resident Representative in Tanzania, Jana Bricco, at the central bank’s headquarters in Dodoma.

During the meeting, Governor Tutuba briefed Bricco on various measures being implemented by the Bank of Tanzania to strengthen Tanzania’s economic growth and resilience.

He said the measures include maintaining the stability of the Tanzanian shilling, increasing foreign exchange reserves through the gold purchase programme, and expanding access to inclusive financial services.

For her part, Bricco commended Tanzania for completing two IMF financial programmes — the Extended Credit Facility (ECF) and the Resilience and Sustainability Facility (RSF).

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The ECF is designed to help countries strengthen their economies through access to concessional financing, while the RSF supports efforts to address the effects of climate change and strengthen economic resilience.

The two programmes have enabled Tanzania to access a total of 443.9m US dollars.

Concluding the meeting, Governor Tutuba pledged to continue strengthening cooperation between the Bank of Tanzania and the IMF, particularly in advancing policies and measures aimed at maintaining economic stability and promoting sustainable development in the country.