The Bank of Tanzania today, has expressed its gratitude to the Revolutionary Government of Zanzibar for its contribution in facilitating the implementation of the monetary policy.
These remarks were made by the Deputy Governor Financial Stability and Deepening, Ms. Sauda Msemo, during the visit of the Budget Committee of the Zanzibar House of Representatives to the Bank’s Sub-Headoffice in Dar es Salaam on November 13, 2023.
"The Bank of Tanzania appreciates the cooperation it receives from the Revolutionary Government of Zanzibar in its role of implementing the monetary policy which contributes to the sustainable economic growth of the country," she said.
Furthermore, she assured the committee that the Bank will continue to collaborate with the Revolutionary Government of Zanzibar to ensure that the Blue Economy Policy achieves its objectives in promoting the nation's economic growth.
On the other hand, the Chairperson of the Committee, Hon. Mwanaasha Khamis Juma (MP), commended the Bank for its performance and the cooperation it provides to the Revolutionary Government of Zanzibar.
During the visit, the committee had the opportunity to learn about the primary role of the Bank of Tanzania, which 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.
Other roles of BoT include issuing of currency, overseeing banks and financial institutions, Regulating and supervising commercial banks and financial institutions, including mortgage financing, development financing and lease financing, Regulating, monitoring, and supervision of payment, clearing and settlement systems, Guardian of the Country's Reserves including foreign currency and gold; and providing advice on economic and financial matters to the Government of the United Republic of Tanzania and the Revolutionary Government of Zanzibar.