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Tanzania: Central Bank Issues First Balance Sheet
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East African Business Week (Kampala)
24 March 2008
Posted to the web 24 March 2008
Mohamed Said
Tanzania's central bank has issued its first known balance sheet to be made public, last week prompting speculation that it has embarked on a move to increase its visibility.
The Bank's reputation plummeted after it was linked to the External Payment Arrears (EPA) funds loss worth about US$133million which economists say could have built 1,500 km of tarmac roads, early this year.
The healthy balance sheet shows that the Bank's reserves have drastically jumped from Tsh277.9 billion ($277millions) it had in its coffers by the end of last year to Tanzanian shillings 493.6 billion ($493million) when by last January.
No explanation has been made the reason behind this sudden increase in reserves at the state-owned bank.
Bank sources said the balance sheet is part of public obligations which the institution had to deliver "pursuant to section 21(20 of the Bank of Tanzania Act, 2006."
The report shows that its assets increased from Tsh5,182 billion ($5,180m) by last December to Tanzania shillings 5,401 billion ($5,400m) by end of last January.
The increase had been due to the appreciation of the Bank's "property, plant and equipment", its quota at the International Monetary Fund (IMF) and its foreign currency marketable securities which by the January under review were worth about $1,645million.
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In that month, Tanzanian currency in circulation was worth $1,300million, approximately including notes and coins.
The preliminary balance sheet appeared without auditors' comment however.
It is understood that Controller and Auditor General Offices are responsible for the Bank's accounts. Private auditing firms like the Ernst and Young had a stint also which unveiled the EPA anomalies which had grabbed headlines here.
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