29 December 2017

Tanzania: BoT Okays 300bn/ - Dividend to State

THE board of the Bank of Tanzania (BoT) has endorsed a total of 300 billion/- as the latest dividend to the government, a decision confirmed via a statement signed by the governor, Professor Benno Ndulu, which was issued in Dar es Salaam yesterday.

The amount scales to a total of 780bn/- so far, that the BoT has given to the government between 2014/15 and 2016/17. The bank disbursed 180bn/- and 300bn/- dividend in 2014/15 and the 2015/16, respectively. The law provides powers to the BoT to share with the government the dividend after announcing the profit.

The statement clarifies that the fundamental responsibilities of the bank were not to generate profit, but that when profit is realized, it gives a huge part of it as dividend to the government.

The 2006 legislation under which the bank operates stipulates that the main objective of the bank is to prepare and implement financial policy aiming at controlling inflation and building a strong financial system which would facilitate sustainable national economic growth.

Other principal functions of the Bank are to exercise the functions of a central bank and, without prejudice to the generality of the foregoing, to formulate, implement and be responsible for monetary policy, to issue currency, to regulate and supervise banks and financial institutions, as well as to manage gold.


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