Magufuli tells BoT to impose tougher penalties on banks
President John Magufuli, Finance and Economic Affairs minister Philip Mpango (third left) and National Microfinance Bank CEO Ineke Bussemaker cut a ribbon to inaugurate the bank’s business centre in Mtwara yesterday. PHOTO | STATE HOUSE
What you need to know:
- Opening a NMB business centre in Mtwara, President Magufuli noted for instance that a fine imposed on one local bank which was found guilty of money laundering was so lenient.
- “Next time Mr Governor such banks should be penalised heavily… it is better to remain with two banks other than having multitude of them which are sabotaging our efforts to build the economy,” said Dr Magufuli in his speech.
Mtwara. President John Magufuli yesterday asked the Bank of Tanzania to be strict and impose harsh penalties to commercial banks which will be found liable of sabotaging the country’s economy.
Opening a NMB business centre in Mtwara, President Magufuli noted for instance that a fine imposed on one local bank which was found guilty of money laundering was so lenient.
“Next time Mr Governor such banks should be penalised heavily… it is better to remain with two banks other than having multitude of them which are sabotaging our efforts to build the economy,” said Dr Magufuli in his speech.
He urged businessmen in Mtwara and neighbouring regions to make good use of the business centre noting that it was an opportunity to them to expand and enhance their activities.
He also commended NMB for the good business which is has been doing to the extent of being able to pay dividends to its shareholders including the government which last year pocketed more than Sh16.5 billion in dividends.
Speaking at the launch of the construction of a new berth at Mtwara Port, President Magufuli assured residents of southern regions that the government was determined to improve infrastructure in the area as a way of boosting their economy.
“This port will be beneficial not only to Tanzania but to other neighbouring countries because it is shorter to transport cargo from Mtwara to Malawi instead of using Dar es Salaam port,” he said.
He also urged the ministry for Works, Transport and Communication to ensure that a flow metre is also built at Mtwara Port so as to facilitate offloading of fuel.
“Why should we transport fuel from Dar es Salaam instead of offloading it here… if we start offloading fuel here even its price will go down,” he noted.
Meanwhile, no one will be oppressed in the nationwide war against drugs but no one will also be spared in the move, the Prime Minister, Mr Kassimu Majaliwa, has declared.
Addressing a working meeting of Ministers in Dodoma on Friday, Mr Majaliwa urged them to take the war on drugs seriously.
Speaking shortly when opening a special minister’s executive meeting held at the treasure’ hall here in Dodoma, Mr Kassim Majaliwa said the government is well organized to ensure the success on ant-narcotics war.
