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Home Banking

Tanzania’s banking sector remained capitalized throughout 2022, says BoT

by Editor
14/02/2023
in Banking
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Tanzania’s banking sector remained capitalized throughout 2022, says BoT
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Tanzania’s banking sector remained adequately capitalized, liquid and profitable throughout 2022 amid global economic shocks according to Monetary Statement Policy Mid-Year Review 2022/2023 released by the Bank of Tanzania (BoT).

According to the Mid-Year Review, bank deposits, assets and asset quality improved.

“Core capital adequacy ratio was 18 percent, above the minimum regulatory requirements of 10 percent,” according to the report.

Bank of Tanzania (BoT) head office in Dar es Salaam. Tanzania’s banking sector remained adequately capitalized, liquid and profitable throughout 2022 amid global economic shocks according to Monetary Statement Policy Mid-Year Review 2022/2023. PHOTO / COURTESY.

The quality of assets improved, as evidenced by decline in non-performing loans to 5.8 percent in December 2022 from 7.8 percent in June 2022, close to the desired level of 5 percent.

“This is a significant milestone compared to the highs of around 13 percent in 2017. It will incentivize lending to the private sector and reduce cost of borrowing.”

The Central Bank however said it would continue to take measures to reduce non-performing loans.

The bank said payment systems operated smoothly, with a rise in access and usage of digital financial platforms on account of policy decision to promote customer centric financial products and services, complemented with implementation of new fintech products for merchants and small businesses. T

“The Tanzania Instant Payment System (TIPS) operated smoothly, with transactions reaching 467.4bn/ in December 2022 from its inception in August 2021,” the report added,

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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