The government has tighten control on unnecessary expenditures such as foreign travels by public officials, which has increased the amount of foreign reserves with the Bank of Tanzania
Dar es Salaam. Tanzania foreign reserves with the Bank of Tanzania have reached $5.4 billion, President John Magufuli has said.
This is equivalent to six months of import, he told academicians at the University of Dar es Salaam during a debate on Industrialisaiton.
He said the amount was high and had never been released since independence due to prudent policies and controlling wasteful spending. These include banning unnecessary foreign trips by government officials.
“You must understand that we have money. All the things (big projects) that we do is because we have enough reserves,” President Magufuli noted.
Official statistics released by the BoT last week shows that by July 2018 gross official reserves were $5.4 billion. “The reserves were sufficient to cover about 5.5 months of projected import of goods and services, excluding foreign direct investment related imports,” the BoT’s monthly economic review for August reads in part. Meanwhile,
The report said foreign assets held by banks amounted to $895.2 million in July 2018.
