Photo: REUTERS
Tanzania’s balance of payments records surplus $321,5m in the year to January.
| FOREIGN STAFF |
Published: 2011/04/04 07:42:26 AM |
TANZANIA’s balance of payments recorded a surplus of $321,5m in the year to January, down from a surplus of $529,8m a year ago, the central bank said in its latest monthly economic review.
Here are some of the main points from the Bank of Tanzania’s economic report:
- In the year to January the current account deficit widened 5,1% to $2,27bn .
- Gross official foreign exchange reserves held by the bank rose to $3,92bn , or 5,2 months of import cover, from $3,58bn a year earlier.
- The average interbank interest rate increased to 7,93% in January from 5,26% in December last year.
- The average deposit rate stood at 2,41% in January, unchanged from December, while lending rates were at 14,66%, down from 14,92% a month earlier.
- Tanzania’s national debt decreased 2,1% to $10,967bn .
- Gold, the country’s top foreign exchange earner, fetched $1,579bn in the year to January from $1,269bn a year ago on higher gold prices . Tanzania is Africa’s fourth-largest gold producer.
- Tourism earnings increased to $1,3bn from $1,17bn a year ago, partly helped by the recovery of the international economy from the financial crisis.
- Revenue collection in the month of January amounted to 433,4- billion shillings ($289bn), representing 91,7% of the target.
- Imports of goods and services rose 18,4% to $9,04bn in the period from $7,64bn a year before, mostly due to a rise in oil prices and consumer goods imports.
- During the period, the average oil price at the world market increased 23,3%, while the value of imported consumer goods jumped 24,6%.
- Earnings from traditional exports — tobacco, cotton, coffee, cashew nuts and tea — increased 22,4% to $610m , largely due to a significant increase in the value of exports of tobacco and cashew nuts.
- Credit to the private sector increased at an annual rate of 21,5% in January from 9,8% recorded a year ago. Reuters
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