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Ministry of Finance and Economic Affairs - Home
BENKI KUU YA TANZANIA 05.Feb.2011 INASEMA:
The Bank of Tanzania has said that the value of exported goods sharply increased last year compared to 2009.
BoT Governor Benno Ndulu told reporters on Thursday in Dar es Salaam that the value of exported goods reached USD 900m, thus increasing the country's capacity to generate foreign currency because it does not depend on a single product for export.
"The export of agricultural products ranged between USD 450m and USD 480m while transit goods reached USD 380m," he said.
He gave an overview of economic growth of the three quarters, saying that in the first quarter the economy was growing at 7.3 per cent, in the second at 7.1 per cent and the third quarter at 6.2 per cent. He was however cautious about growth in the fourth quarter, saying it was likely to be affected by the current power rationing.
Prof Ndullu further called upon the public to do away with the concept that when the country's currency is stable it is good for the ecomony because currency fluctuation has many implications.
He said the situation may be good to famers or people who have taken loans in terms of dollars, thus if the value of the shilling changes it may affect them.
Prof. Ndulu said that comparing the Tanzanian shilling to the dollar depends on how it moves in the market.
He however said that foreign reserve at the BoT was currently USD 3.8bn, which can last between six and seven months to import goods from outside the country and service debts. source IPPMEDIA
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