The Bank of Tanzania (BoT) has continued to implement a cautious monetary policy stance in balancing growth and inflation in the current unpleasant global environment, with its negative effects on the economy.
As a result, extended broad money supply grew in line with target for 2022/23, averaging 11 per cent during the quarter ending September this year compared with the target of 10.3 per cent.
According to the BoT Economic Bulletin for the quarter ending September, the out-turn was supported by strong growth of credit to the private sector attributable to ongoing recovery of economic activities, improved business conditions and supportive monetary policy.
Domestic banking system credit to the private sector and central government grew at an average of 27.9 per cent, compared with 8.1 per cent in the quarter ending September last year.
The credit to the private sector grew by 20.9 per cent, significantly higher than the average of 4.0 per cent in the corresponding quarter last year mainly owing to recovery of economic activities from the effects of Covid-19, improved business environment, and supportive monetary policy conditions.
All major economic activities registered positive growth of credit during the reviewed quarter, except hotels and restaurants.
Agriculture sector continued to record the highest growth rate, attributable to the monetary policy measures rolled-out to support cost effective credit intermediation to the sector.
Meanwhile, personal loans remained dominant in terms of share in total outstanding loans, followed by loans to trade, manufacturing and agriculture activities.
Source: allafrica.com
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Tanzania: Exim to Raise Fund for Mental Health Facilities Upgrades
EXIM Bank to raise 300m/- over the next three years for financing essential services and infrastructure upgrades in mental health facilities.
The bank’s Head of Marketing and Communications Stanley Kafu unveiled this when introducing Exim Bima Festival 2024 as a platform for bringing together individuals, organisations and various sectors for raising the funds.
“Exim’s initiative aligns with the government’s broader goals to ensure that every citizen has access to quality healthcare, including mental health services,” he said.
The initiative, which is one of the events for celebrating the bank’s 27th anniversary is scheduled for Wednesday this week in Dar es Salaam.
Mr Kafu highlights that this year’s festival is not only about raising awareness of the importance of insurance in the society but also focuses on enhancing access to mental health services and improving the overall well-being of the nation.
Statistics from the Ministry of Health shows a staggering 82 per cent increase in mental health cases over the past decade.
Mental cases have risen from 386,358 in 2012 to 2,102,726 in 2021, making the need for mental health services more urgent than ever.
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Unfortunately, the country’s ability to address this growing challenge is hindered by a shortage of mental health professionals, infrastructure, medical equipment and essential medication.
For example, out of the 28 regions in the country, only five have facilities that provide adequate mental health services.
The most affected group is the youth aged 15 to 39, who represent the nation’s workforce, underscoring the need for intensified efforts to safeguard this generation for Tanzania’s future well-being and development.
Mr Kafu said by improving mental health services, Exim aims to contribute to the creation of a network of communities that can access care quickly and affordably.
Exim Insurance Department Manager Tike Mwakyoma said they are appreciating the support from partners in the insurance industry, who have stood by them since the last festival.
“Let’s continue this unity for the development of all Tanzanians and our nation as a whole,” the manager said.
Source: allafrica.com
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