BankHeadOffice.com         Bank Head Office Worldwide   ♦ Loan Calculators ♦ Mortgage Guides ♦ Banking FAQs ♦ Banking Institutions ♦ Central Banks Worldwide       Home  »  Central Banks Worldwide  »  Bank of Tanzania Bank of Tanzania The Bank of Tanzania (Swahili: Benki Kuu ya Tanzania) is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling. The bank was established under the Bank of Tanzania Act 1965. However, in 1995, the government decided that the central bank had too many responsibilities, and was thus hindering its other objectives.   The primary objective of the Bank shall be to formulate and implement monetary policy, directed to the economic objective of maintaining price stability, conducive to a balanced and sustainable growth of the national economy of Tanzania. Thus, in order to achieve Price Stability, Central Banks -by virtue of their ability to exert influence over the Money Supply process-have been given the task of regulating the quantity of money in circulation and of credit supplied to the economy, i.e., they have to conduct Monetary Policy. In this connection, the following is needed:  • a steady and acceptable rate of increase in the Money Supply;  • a rate of increase in domestic bank credit expansion that will not place undue demand pressures on production resources and that must be consistent with the Money Supply objectives;  • realistic interest rates that must at least be above the level of the rate of inflation;  • a level of foreign reserves sufficient to enable the Central Bank to intervene in the foreign exchange market from time to time to smoothen out reversible short-term fluctuations, to meet import requirements, external obligations, and unexpected foreign exchange requirements in times of crisis;  • a relatively stable exchange rate for the national currency;  • the protection and development of sound and well-managed banking institutions, and  • the encouragement of well-functioning and effective financial markets, including an efficient payments system. In achieving the functions as mentioned above, the Bank commits itself to providing effective support functions through a sound banking and financial control system, appropriate information system and the development of competent and qualified staff. Bank of Tanzania HQ Address: Mirambo Street, No. 10 Dar es Salaam Tanzania Tel: +255 22 2233 000 Fax: +255 22 2234 075 Website: www.bot-tz.org Swift Code: TANZTZTX Currency: Tanzanian shilling Banking Hours: Monday - Friday : 8.00am - 5.00pm   Commensurate with the legal commitment of the Bank of Tanzania and realising the seriousness of the inflationary situation in the Country, the Bank is pooling all its efforts towards achieving Price Stability and has declared Inflation the Nation's Economic Enemy Number One.   List of banks governed by the Bank of Tanzania Commercial Banks » Standard Chartered Bank » Stanbic Bank » Citibank » FBME Bank » Bank of Africa » Diamond Trust Bank » Exim Bank » National Bank of Commerce » National Microfinance Bank » CRDB Bank » The Peoples' Bank of Zanzibar » Akiba Commercial Bank » KCB Bank Tanzania » International Commercial Bank » Habib African Bank » Barclays Bank » BancABC » Commercial Bank of Africa » I & M Bank Tanzania » NIC Bank Tanzania » Azania Bancorp » Bank of Baroda » Bank M » AccessBank Tanzania » Bank of India Tanzania » United Bank for Africa Tanzania » Mkombozi Commercial Bank » Ecobank Tanzania » Advans Bank Tanzania Regional Banks » Kilimanjaro Co-operative Bank » Dar es salaam Community Bank » Mbinga Community Bank » Kagera Farmers Co-operative Bank » Uchumi Commercial Bank » Tandahimba Community Bank » Njombe Community Bank DISCLAIMER The content comes from Internet, reasonable efforts are made to maintain accuracy of information published. However, information could contain errors or inaccuracies and is presented without warranty and statutory means. No liability is assumed for errors or omissions. Viewers are advised to consult their banker or financial consultant for complete information and their professional advise. All trademarks, logos, brand names and copyrights are the property of their respective owners. © 2011 - 2022 BankHeadOffice.com ® All Rights Reserved