BANK OF TANZANIA
Dar
es Salaam — Tanzania's economy will perform well over the next two
years despite regulatory hurdles that may derail investor confidence, a
meeting heard yesterday.
Speaking during an
annual economic breakfast meeting for First National Bank (FNB) Tanzania
clients and other stakeholders in Dar es Salaam yesterday, an analyst
for Africa at Rand Merchant
Bank of South Africa, Mr Neville Mandimika,
said Tanzania growth will be aided by construction, agriculture and
consumer sectors.
Mr Mandimika said
at the forum, christened: "Economic and Financial Market outlook for
Tanzania in 2018 and Beyond" that the country's economic growth would be
within the range of 7.0 and 6.5 per cent for 2018 and 2019
respectively.
"Tanzania is one of ten fastest growing economic in Africa... We see solid growth over the next two years," said Mr Mandimika.
However, the
country's recent policy changes, he said, may derail investor confidence
which may have some impacts on future growth.
Some of the policy
shifts, which may not go down well in the minds of investors, include
coal import ban, mandatory listing for telecommunication companies on
the Dar es Salaam Stock Exchange (DSE), ban of unprocessed mineral
exports and review of existing contracts.
On the global
economic growth, Mandimika said the overall global economy continues to
improve and is undergoing a synchronized growth with the exception of
China whose economy is showing potential signs of slow growth.
The FNB Tanzania
chief executive officer, Warren Adams said the forum provided a unique
opportunity for the participants to discuss a range of economic and
financial topics including global and regional outlook, Tanzania's
economic outlook as well as Monetary and financial conditions.
FNB trades as a
division of FirstRand Bank and can trace its origin back in 1838. FNB
currently operates in South Africa, Namibia, Botswana, Zambia,
Mozambique, Lesotho, Swaziland, Ghana and Tanzania. And it has declared a
vision of becoming Africa's preferred financial services provider.
FNB Tanzania
officially opened for business on 27 July 2011, and was officially
launched on 02 February 2012. Arusha being the 10th outlet in the
country; others include Main branch at FNB Head Office, Peninsula
branch, Quality Centre branch, Mbezi Beach branch, Sinza branch, Mbagala
branch, Kariakoo branch, Kimweri branch and Mwanza branch.
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