…BoT issues ultimatum to US dollar hoarders
ARUSHA : CHIEF Secretary Moses Kusiluka has ordered heads of parastatals to produce successful reports and not strategies.
Winding the three-day Chief Executive Officers’ (CEOs) and Heads of Institutions Forum at the Arusha international Conference Centre (AICC) on Monday, the CS said the government was focused on results and not strategies.
“Go and make strategies, especially institutions that are business oriented…we want to see more profits. So next year, we expect to see reports about successes, not strategies,” he said.
Dr Kusiluka further tasked CEOs and board chairpersons in the country, to implement all the instructions that have been issued by the President Samia Suluhu Hassan, saying that Tanzanians expected better services from the government and not just cheap talks.
“I will follow closely to see if you have changed. You must realise your responsibilities and implement them effectively,” stated the CS.
Emphasising on the president’s speech, which was delivered at the opening of the session on Saturday, the Chief Secretary said the government wants to see productive institutions.
He said: We must have productive institutions which demand change of mindset and stop business as usual trend. We want to run and operate our institutions more professionally with business mindset.
Dr Kusiluka also warned the CEOs and institutional board chairpersons against abusing their powers, directing them to adhere to public service code of ethics and conduct.
He also urged them to use government’s statistics in making their various decisions in their institutions.
In a related development, the CS also challenged the heads of the institutions to cooperate with the office of the Controller and Auditor General (CAG) by providing prompt response to matters arising.
He said both CEOs and board executives must be in office and be involved and participating in CAG’s interviews.
“Make sure you participate in answering CAG’s questionnaire. Do not leave them to your subordinates and junior staff,” he added.
The three-day forum that brought about 248 participants which was organised by Office of Treasury Registrar (TR) focused on transforming the entities and eventually making them productive.
Meanwhile, hoarders of foreign currencies have until October this year, to surrender them to the government, the Bank of Tanzania (BoT) has ordered.
Speaking during the Chief Executive Officers’ (CEOs) and Heads of Institutions Forum here yesterday, BoT governor Emmanuel Tutuba alleged the hoarders of foreign currencies; especially the United States dollar had affected the otherwise smooth circulation in the foreign exchange market.
“We are aware that some individuals are hiding the currencies, a move which has had adverse effects on the market and they are reluctant to release them into the foreign exchange market,” he said.
In the course, the BoT has ordered those hiding the United States dollar not to reintroduce them secretly to affect liquidity.
“Some may decide to do it through illegal ways, including money laundering,” Mr Tutuba observed.
The foreign exchange market is an over-the-counter (OTC) marketplace that determines the exchange rate for global currencies. It is, by far, the largest financial market in the world and made up of a global network of financial centres that transact 24 hours a day, closing only on the weekends.
Several African countries, including Tanzania, are presently grappling with shortages of US dollars, which serves as the primary currency for international transactions.
Such nations heavily rely on the US dollar to manage foreign debts, procure essential goods, and secure industrial inputs.
In May this year, the BoT acknowledged a decrease in its foreign exchange reserves, from 5.5 billion US dollars to 4.9 billion US dollars.
Likewise, during a budget presentation by Minister for Energy, January Makamba, the Ministry acknowledged that the nation has been struggling with a shortage of dollars, which has, at times, put the country at risk of fuel scarcity.
Global oil trade has been significantly impacted by the reduction of Russian oil supplies in the global market, according to Mr Makamba.