ALMOST all government institutions and parastatals have transferred funds deposited in commercial banks to new accounts at the Bank of Tanzania (BoT) as per directives by the government issued early this year.
The Treasury Registrar, Mr Lawrence
Mafuru, explained at the weekend that over 200 public institutions have
heeded to the directive save for less than 50 organisations due to a
number of reasons including lack of BoT branches in regions they
operate.
“Many of the institutions started the
process to transfer the funds shortly after the government issued the
instruction,” Mr Mafuru explained.
He further noted that in some
organisations, the transfer and opening of new accounts require approval
by their respective board of directors. ‘’They are just waiting for
board meetings according to laid down procedures. The transfer processes
have started,” he stated.
The TR explained further that not all
public institutions could complete the transfer procedures within the
given period due to a number of factors, including the need to have the
respective board of directors approve opening of new accounts.
“It should be noted as well that some of
the funds by state-owned organisations are deposited in fixed accounts
in commercial banks and hence before closing the accounts and
transferring the money the individual institutions have to discuss with
their banks,” he explained.
The TR, who is the custodian of all
government institutions, had set February this year as the deadline for
all government departments, agencies and parastatals to close their
accounts in commercial banks and transfer the money to new accounts at
the central bank.
Mr Mafuru had directed accounting
officers in the institutions to open new accounts at nearby branches of
BoT and deposit the money there, whether in local or foreign currencies
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