BoT’s new monetary policy stabilizes the Tanzanian shilling

DODOMA: TANZANIA’S new monetary policy, which uses the Central Bank interest rate, has begun to show significant achievements in the country’s economy, including the strengthening of the shilling and the maintenance of price stability.

Pendaeli Chamicha, the Assistant Manager for Economics and Statistics at the Bank of Tanzania (BoT), made these remarks in Dodoma while speaking to media outlets from Dodoma, Morogoro, Pwani, Dar es Salaam, and Zanzibar about various activities undertaken by the Central Bank.

Responding to questions from the media, Chamicha said the new policy has helped reduce interest rates, maintain price stability, and strengthen the nation’s foreign exchange reserves.

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“Before this policy, Tanzania’s economy faced challenges of high interest rates and unstable prices. But now we have greater stability in our currency, and the economy is showing steady growth,” Chamicha said.

He added that the monetary policy has helped prioritize key economic needs and address emerging challenges through a “learning by doing” approach, where the BoT makes direct decisions based on the real economic situation.