THE board of the Bank of Tanzania (BoT) has endorsed a total of 300 billion/- as the latest dividend to the government, a decision confirmed via a statement signed by the governor, Professor Benno Ndulu, which was issued in Dar es Salaam yesterday.
The amount scales to a total of 780bn/-
so far, that the BoT has given to the government between 2014/15 and
2016/17. The bank disbursed 180bn/- and 300bn/- dividend in 2014/15 and
the 2015/16, respectively. The law provides powers to the BoT to share
with the government the dividend after announcing the profit.
The statement clarifies that the
fundamental responsibilities of the bank were not to generate profit,
but that when profit is realized, it gives a huge part of it as dividend
to the government.
The 2006 legislation under which the
bank operates stipulates that the main objective of the bank is to
prepare and implement financial policy aiming at controlling inflation
and building a strong financial system which would facilitate
sustainable national economic growth.
Other principal functions of the Bank
are to exercise the functions of a central bank and, without prejudice
to the generality of the foregoing, to formulate, implement and be
responsible for monetary policy, to issue currency, to regulate and
supervise banks and financial institutions, as well as to manage gold.
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