THE Government and public institutions’ move to deposit cash in the Central Bank (BOT) instead of commercial banks has enabled the State to control inflation and stabilize the currency, Members of Parliament have been told in Dodoma.
Speaking in the Parliament on Wednesday, Deputy Minister of Finance and Planning, Hamad Chande said apart from being transparent, the system has boosted financial inclusiveness.
The Deputy Minister clarified the matter when he was reacting to Same West Constituent representative Dr Mathayo David Mathayo who sought to know when the State will come up with procedures for Government and its institutions to deposit its cash in the commercial banks.
The MP’s question suggested that the procedures boost currency circulation.
However, the Deputy Minister said currently the State and public owned institutions are depositing their cash in the Central Bank in accordance with the Bank of Tanzania Act.
