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Economy

Tanzania central bank holds key interest rate unchanged for a third time

Date: Jan 8, 2025

Tanzania's central bank left its key interest rate unchanged at 6% this Wednesday, holding it steady for a third consecutive policy meeting, with an aim of keeping inflation below its target.

When it launched the rate in January 2024, the bank set it at 5.50%. The bank targets inflation of 5%, and consumer inflation has stayed comfortably below that figure.

Inflation is forecast to stay around the range of 3.1% and 4% in the first quarter, Bank of Tanzania Governor Emmanuel Tutuba said in a statement.

Tanzania's economy is forecast to grow by about 6% this year from an estimated 5.4% in 2024, its finance minister and central bank governor said in November in a letter to the International Monetary Fund.

The economy is forecast to grow 5.7% year-on-year in the first quarter, Tutuba said.

--Reuters--