President John Magufuli has at one point considered printing new currencies in a bid to win fight against corruption.
The president said today at the 14th
Annual Engineering Day that previous corrupt officials hide ill-gotten
money at home, changing the money could help solve the problem.
“I did consider changing the currencies
in two or three days…knowing the corrupt guys will lose their ill-gotten
fortune,” Dr Magufuli said. According to Bank of Tanzania currencies in
circulation were 4.13tri/- at the end of May slightly up from 4.0tri/-
at end of April.
The BoT Governor, Prof Benno Ndulu said
the bank monitors all currencies in circulation and 36 per cent are in
banks while the balance 64 per cent is at people’s hands. “The bank
[BoT] wants people to deposit their money to enable commercial banks to
lend more.
They [banks] cannot lend if the money
are at people’s hands,” Prof Ndulu said. Prof Ndulu said categorically
the central bank can print new money when deem necessary.
However, BoT data show that the deposits
of bank and non financial institutions were 2.8tri/- at May down from
3.0tri/- at April.
No comments :
Post a Comment