Petition: Beno Ndulu should resign!

[google2014]

Asije tu na yeye AKAFIA ughaibuni na tusilione kaburi lake.

ahahahahah jf bana

 

[Tiote]

My friends, the Bank of Tanzania has completely failed to stop the rapid depreciation of the shilling! Leo shilling trading at 1720! Shame!

In addition, as the head of the central bank should be held responsible for all the IPTL transactions.

He has failed as a Governor to maintain price stability and haa been involved in the IPTL saga.

It time for him to go!

Brother my worries have been confirmed: That you have nothing between your ears. You have not come out clean on why the alleged slump of our shilling happened and whether or not this is phenomenon across the entire East African Region. You are linking him with IPTL, the same way some naïve politicians and guns for hire are agitating. Why would you bay for his blood in IPTL? Is it because money was kept in BOT and release after all necessary safeguards had been fulfilled? Is it because he wanted that the process should be in conformity with what the Escrow Agreement dictates? If you think this is how the country ought to be governed then you are doomed. If you knew a thing about economics, you would not volunteer to embarrass yourself with this hopelessness you are posting in here.

 

[Fx Trader]

You problem you are the who doeeny know anything about economics. I clearly stated that shilling slump cannnot alone be explained by fundamentals and comparing us with kenya and uganda does not make sense. Go read the previous post. You did not reply to it because you have nothing to say.

the one who doent understand economics is you. Its seems you don t even know that the tz currency has deprecated more than kes and ugx since the start of the year.

the iptl issue is simple. The foreign currency that was suppose to be injected into tbe economy did not materialize because of our corrupt leaders! I don t know how hard is that for you to understand! . Thick head!

Its seems you are in the minority of those who are benefiting from the depreciation.

 

[Fx Trader]

The link is simple; why wouls the government delay the report? Are the donors just stupid to cut aid? I dont think so! You ask for 45 days and take 6 months?

 

[Eric Cartman]

The link is simple; why wouls the government delay the report? Are the donors just stupid to cut aid? I dont think so! You ask for 45 days and take 6 months?

This is the BoT standing position with their money policy

A.Monetary and Exchange Rate Policies

21. The stance of monetary policy is consistent with the authorities' objective to keep inflation at around 5 percent in the medium term. The authorities indicated that they would aim at entrenching actual and expected inflation at their medium-term objective. To that end, the authorities envisage reserve money growth around that of nominal GDP. This, in turn, is projected to result in a moderate increase in broad money (M3), given the expectation that financial development and inclusion would be mirrored in a gradual reduction in the velocity of M3. At the same time, they saw financial deepening, with greater availability of credit to the private sector, as an important factor to support economic growth (see section C below).


22. The BoT intends to gradually modernize its monetary policy framework. Although the authorities believe that the existing reserve money targeting framework has served the country well, they are contemplating a gradual transition to a more forward-looking monetary policy with more flexible operational targets and greater reliance on interest rates. The authorities consider that an interest rate-based monetary framework may be better aligned with a deeper financial system with greater private sector involvement, and may convey the stance of monetary policy more clearly.

The BoT is reviewing the functioning of key financial markets, including the interbank market, and exploring ways to strengthen the transmission mechanism from policy interest rates to the real economy. Among its initial steps, the BoT is analyzing the existing links between market interest rates and key monetary aggregates.


23. The BoT reiterated its commitment to a flexible exchange rate regime. The authorities pointed to the enhanced flexibility observed over the past year. In view of the large amounts of official aid and capital inflows being channeled through the BoT and the ensuing necessary FX sales to sterilize them, the discussions focused on the relative merits of the existing system, where the BoT announces the price at which it will transact on the existing interbank foreign exchange market (IFEM) platform, and an auction mechanism (if feasible, building on the IFEM infrastructure). There was agreement that interventions should be for liquidity management purposes and to smooth out short-term fluctuations in the exchange rate. The authorities also noted that the relative importance of the organized market should not be overestimated, in view of the even larger volume of foreign exchange transactions that occur outside of the market, including sizeable banks' dealings with their customers. The BoT indicated its intention to
gradually increase reserves as a share of imports.

43. The frameworks for monetary policy and financial supervision will need to keep pace with the economy's modernization and its growing international integration.

Initial steps toward a monetary policy framework centered on a greater role for interest rates appropriately include the analysis of the relationship between interest rates and the monetary aggregates, and enhanced focus on developments in interest rates as an indication of the current stance of monetary policy. The authorities are also encouraged to review the functioning of the foreign exchange market and to consider moving to a more modern auction system. In the financial sector, technological innovations and international integration are creating new opportunities for financial deepening and inclusion, but also call for speedy implementation of reforms of the financial supervision framework to reduce or manage any ensuing vulnerabilities. A priority is to ensure effective collaboration among regulators, both domestically and with international counterparts

Source: STAFF REPORT ON THE 2014 ARTICLE IV CONSULTATION, THE THIRD REVIEW UNDER THE STANDBY CREDIT FACILTY ARRANGEMENT, REQUEST FOR A WAIVER FOR NONOBSERVANCE OF A PERFORMANCE CRITERION, AND FINANCING ASSURANCES REVIEW

Sidhani kama IPTL pekee ndio kigezo cha kushuka kwa shillingi as you have previously posted kwenye hiyo nakala ya citizens imeeleza kuna balance of trade mafuta yakichangia na kushuka kwa pato la dhahabu. Isitoshe kuna economical activities ambapo labda wanunuaji wa ndani wanaiweka dollar as reserve of their savings, biashara zinazotumia dollar how much do they return that money in the seculation etcetera to do with economic activities: BoT kuweka hela katika mazingira hayo ni kuchochea tabia.

Ndio maana na wao wanasema itabidi waangalie macro-economics wakishirikiana na other regulators.

Kingine pairing EAC currencies with the dollar equally does not make sense kwa sababu tuna different economic activities Kenya wanalaumu an increase in machinery importation to meet their vision 2030 inachangia kupunguza balance of trade. Wakati sisi uigizaji wa mafuta unaotumika kwenye kufanya exploration unachangia kwenye balance of payments.

Kwa hivyo pairing-wise against the vehicle currency does not make sense if you look at the economic activities of the region and their macroeconomics activities. Mkuu haya maswala sio raisi as just to the explanation of donors decisions to with held almost $600 dollars, wakati kuna watu huko baharini wanatumia almost a $1 mil a day in their exploration activities dont you think they contribute to the balance of payments too. Sasa solution inawezakuwa increasing exportation na hayo maswala yanataka masoko na bidhaa za ku-export to.

Ni hivi ukuaji wa uchumi unakuja na changamoto zake especially if you are a currency trader. Isitoshe as a trader you are meant to be flexible and not being accustomed to a certain position that is how cookie crumbles in currency trading. Nachokubaliana na wewe ni BoT kutoa ufafanuzi of the reasons mara kwa mara hili watu wajue wanafanya nini.

 

[duanzi]

My friends, the Bank of Tanzania has completely failed to stop the rapid depreciation of the shilling! Leo shilling trading at 1720! Shame!

In addition, as the head of the central bank should be held responsible for all the IPTL transactions.

He has failed as a Governor to maintain price stability and haa been involved in the IPTL saga.

It time for him to go!

Mkuu. Ungeandika kwa kiswahili ungepungukiwa na nini? Au kuwa msomi lazima utumie lugha ya wakoloni? Acha kuendekeza ukoloni mamboleo.

 

[Kibanga Ampiga Mkoloni]

He has killed our economy! Bei ya mafuta imashuka marginally! Wakati globally imashuka zaidi ya 30%.

What is the minister of finance doing? Juat giving politic statements? Pinda and his whole cabinet should resign immediately! Beno time to go too! Thanks for making us poorer during your tenor!

Lakini Mkuu hawa jamaa si huwa wananunua Mafuta kila baada ya Miezi Mitatu au sijuhi mwezi mmoja kwahiyo effects ya hizo bei nadhani muda bado.

 

[HNIC]

kulikuwa na thread hapa ya Ndullu na bodi nzima kujiuzulu

Of course watu wa Usalama humu JF waliifunga

dont ask me why

 

[The Monk]

ahahahahah jf bana

Unajua hata marehem Balali ilianza hivihivi baadae tuakasikia mtu kafia nje.....hakuna cha ajabu mkuu!

 

[Fx Trader]

My frds we are experiencing a home made currency crises: shillingi imapormoka to a 3 year low of 1725! Kweli mafisadi wamashinda! IPTL BINGWA! VERY SAD!


Brace for tougher times! Higher inflation and therefore higher cost of living!

 

[Ulukolokwitanga]

Bei ya mafuta imeshuka sana, wanachofanya akina Riziwani Kikwete na makampuni yao ya mafuta ni kushusha thamani ya shilingi ili bei ya mafuta katika soko la ndani ibakie kuwa juu wapige faida kubwa bila kujali athari za kiuchumi na maumivu tunayopata walalahoi.

 

[Kaplizer]

Alafu JK kila mwezi akihutubia taifa anatudanganya uchumi umekua.....

 

[MeinKempf]

My frds we are experiencing a home made currency crises: shillingi imapormoka to a 3 year low of 1725! Kweli mafisadi wamashinda! IPTL BINGWA! VERY SAD!


Brace for tougher times! Higher inflation and therefore higher cost of living!

Na mpaka Magamba wanatoka madarakani shilingi itakuwa imefika walau 1750 kuelekea 1800 mpaka kufika 2020 itakuwa buku mbili jero.

 

[Gor]

bwana fiksi yule,afie mbali

 

[saadmad]

Hajajajajajaa!!! Nilicheka sana wakati mwalimu wangu wa Economics alivyo piga lecture ya Economic development na economic growth in relation to tanzania context hahahahaha Majanga haya hebu tuone zaidi.
..

 

[Fx Trader]

My frd, the wananchi have lost once again! CCM and wafisadi have won! 😂

 

[mgt software]

Huyu si anaongozwa na Saada Mkuya na Mwiguru? tangu mwigulu aingie pale kwa mbwembwe za kuzia wizi wa mishahara kila siku dola inapanda, yeye ni kama anaokota big g anatia mfuko, huku anajinasua kuokoa fedha , Boss wake Mkuya na Ben wanakwiba 400bl

 

[Fx Trader]

Zinja im not talking from a position perspective and im not an fx trader by profession. But what you have postedd has nothing to do with the ccurrent depreciation of the shilling.

the volatility experienced is unprecedented and is largely attributed with the suspension of dollar funding. The shilling has depreciated by over 7% since the start of the year; more than any EA currency.

Onlyly a gradual depreciation is warranted because thisnkind of volatility in a very short time can easily lead to financial instability.

 

[lukule2009]

Mr FX Trader

The shilling depreciation has nothing to do with the governor. The US dollar is stronger globally at the moment following the end of Quantitative Easing by the Fed last month. The market is now factoring in interest rises in the US any time next year, investors are therefore buying the US dollars and therefore increasing demand and hence the price.You can check the trend in the Japanese yen,eur, GBP etc against the dollar and you can see they are all weakening,even Uganda and Kenya shilling are all weaker against the dollar for the same reasons.

Another reason for the weaker shilling is the recent decision by the donors to withhold the budget support funds approximate USD500Million following IPTL scandal. Remember part of these funds is used by the BOT to supply US dollars to the interbank market in order to control money supply and ensuring stability in the exchange rate. It is therefore obvious that if the donors are not giving out the funds, the Bank of Tanzania will have less US dollars to supply and at the same time business community and importers will prefer buying dollars now than later
and as a result the price for the US dollars keeps going higher .

Do you still want to blame governor?

 

[chikutentema]

My friends, the Bank of Tanzania has completely failed to stop the rapid depreciation of the shilling! Leo shilling trading at 1720! Shame!

In addition, as the head of the central bank should be held responsible for all the IPTL transactions.

He has failed as a Governor to maintain price stability and haa been involved in the IPTL saga.

It time for him to go!

There is a legal means to sweep him out of the bank, I.e filling what is called 'Quo ~Warranto'