Tanzania raises interest to 6%

Tanzania’s Monetary Policy Committee (MPC) increased the central bank rate (CBR) from 5.5 per cent to 6 per cent, according to the MPC statement following the committee meeting on Wednesday.

The new rate will be applicable in the second quarter of 2024, running from April to June 2024, within a band of ±200 basis points.

This decision reflects the macroeconomic forecast made in March 2024, which highlights the necessity for broader monetary policy actions to address persistent inflationary pressures stemming from global economic developments.