Benno Ndulu, the former governor of Tanzania's Central Bank, died on Monday while receiving treatment at Hubert Kairuki Memorial Hospital in Dar es Salaam.
Prof Ndulu, 71, was admitted for more than 10 days before he died, his personal assistant Msafiri Nampesya said.
Funeral arrangements are taking place at his Mbweni residence in Dar es Salaam, he added.
Prof Ndulu was born in January 23, 1950.
He was started his career at the University of Dar es Salaam in the early 1980s before joining the World Bank as a Lead Economist. He is best known for his involvement in setting up and developing one of the most effective research and training networks in Africa, the African Economic Research Consortium.
He led the Bank of Tanzania (BoT) from 2008 to 2018.