Bank deposits hit 27.8trn/- in March on deposit mobilization campaigns

Deposits mobilized by banks grew by 13.2 percent to reach 27.82trn/- at the end of March 2023 from 24.5trn/- recorded during the corresponding period last year according to the Bank of Tanzania (BoT) Consolidated Zonal Economic Performance Report for the Quarter ending March 2023.

“This outturn was mainly attributed to deposit mobilization measures adopted by banks, enhanced use of agent banking, and the continued recovery of economic activities,” the Central Bank said.

According to available BoT, bank loans to various economic activities recorded an annual growth of 20.2 percent to 24.51trn/- at the end of the review period.

The performance was largely attributed to improvement in economic activities and supportive fiscal and monetary policies.

“About 87 percent of bank loans were held by personal, agriculture and trade activities,” the report shows.

The Dar es Salaam zone accounted for the largest share of the deposits totaling 17.13trn/- at the end of March representing 61.6 percent of the total deposits.