Deputy Governor of the Bank of Tanzania (Economic and Financial Policies), Dr. Yamungu Kayandabila, has opened a seminar for journalists, expressing gratitude to the media for their cooperation in informing the public.

Addressing the 34 participants of the seminar held at the BoT Zanzibar Office, Dr. Kayandabila stated that the Bank of Tanzania is pleased with the excellent work done by the media in the country in disseminating information to the public.

He mentioned that the Central Bank is considering appropriate ways to build capacity and also seeks feedback from journalists regarding its performance.

During this year's seminar, taking place from February 14 to 16, 2024, participants will learn about the new Monetary Policy framework that uses Central Bank Rate, which has been in effect since January of this year. Other topics include the implementation of the Microfinance Act, including loan issues; how the Central Bank protects financial service consumers; and the benefits of using alternative payment systems instead of cash.

"We believe that through these topics, we will be able to contribute to enhancing your understanding of the functions of the Central Bank as a tool for your work so that you can have a broader field to educate the public on these issues through your media outlets," said Dr. Kayandabila.

He thanked the media in the country for continuing to give importance to financial, business, and economic matters through news, articles, special programs, and interviews. According to the Deputy Governor, the media serves as a crucial bridge between the citizens and financial institutions, including the Central Bank.

Speaking about the new system for formulating and implementing monetary policy, he explained that the system is expected to enhance the effectiveness of monetary policy in controlling inflation and strengthening economic activities.

"This system will enable the Central Bank of Tanzania to adjust interest rates according to the economic situation and ensure a balance between demand and money supply," he said.

The system will also help prevent the rise in prices of goods and services, which could reduce the purchasing power of citizens and undermine economic growth, according to Dr. Kayandabila.

Present at the opening were Acting Director of BoT Zanzibar, Mr. Masoud Suleiman, and the Manager of BoT Communication Department, Ms. Victoria Msina.