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Home Economic

Money supply up 15.9 pct in March driven by expansion in credit to the private sector

by Editor
03/05/2023
in Economic
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Money supply up 15.9 pct in March driven by expansion in credit to the private sector
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Money supply (M3) grew by 15.9 percent in March this year as compared with 11.9 percent recorded during the same period last year primarily driven by expansion in credit to the private sector according to the Bank of Tanzania Monthly Economic Review for April, 2023.

The Central Bank during maintained a cautious liquidity reducing monetary policy stance, which aime at attaining a balance between low and stable inflation and promoting economic expansion.

Credit extended to the private sector recorded an annual growth of 22.9 percent in March 2023, higher than 13.4 percent in the corresponding period in 2022.

“The growth was largely on account of improvements in the business environment, and supportive monetary and fiscal policies,” the report shows.

Disaggregation of credit by economic activities revealed that the agriculture sector continued to register the largest growth of credit backed by policy measures that were taken by the Bank to promote cost effective credit intermediation, coupled with ongoing interventions by the Government in supporting the sector.

Personal loans which consists of sole firms and individual undertakings continued to contribute a lion’s share in the overall growth of credit to the private sector, followed by agriculture, trade and manufacturing.

The agriculture sector continued to register the largest growth of credit backed by policy measures that were taken by the Bank to promote cost effective credit intermediation, coupled with ongoing interventions by the Government in supporting the sector. PHOTO | COURTESY

 “In terms of share, personal loans accounted for the largest share of the total credit, followed by trade, manufacturing and agriculture, “the report said.

Interest Rates

Interest rates charged by banks on loans remained broadly unchanged compared with rates registered in February 2023 and March 2022.

The overall lending rate averaged 15.83 percent in March 2023 compared with 15.96 percent in the preceding month, and 16.25 percent in the corresponding month in 2022.

“Negotiated lending rates averaged 13.59 percent, down from 13.75 percent and 13.80 percent in February 2023and March 2022, respectively,” the report shows.

Deposit rates however declined, with overall deposit rate averaging 6.78 percent in March 2023, compared with 7.18 percent in the preceding month and 7.02 percent in March 2022.

Negotiated deposit rates averaged 9.31 percent, slightly below 9.37 percent and 9.68 percent in February 2023 and March 2022, respectively.

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
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