Bank of Tanzania. It's Monthly Economic Review for October 2017 shows
that the Central Bank purchased $132.6 million in a bid to stabilise the
market.. PHOTO FILE | NMG
Forex trading by Tanzanian banks declined to $396.4 million in
the quarter ending September 2017, from $408.3 million during the
corresponding quarter in 2016.
Bank of Tanzania’s
Monthly Economic Review for October 2017 shows that the Central Bank
purchased $132.6 million in a bid to stabilise the market.
The
report also notes that government expenditure amounted to Tsh1,699.3
billion ($0.75 million) in September, out of which recurrent spending
stood at Tsh1,115.8 billion ($754.1 million).
Domestic
revenue collections amounted to Tsh1,486.6 billion ($659.7 million), out
of which, Tsh1,448.9 billion ($643 million) were realised by the
central government.
Tax revenue rose by 2.4 per cent to
Tsh1,315.7 billion ($583.8 million) in September 2017. Local government
collections from own sources increased to Tsh37.7 billion ($16.73
million) from Tsh33.9 billion ($15.043 million) posted in September
2016.
During the year ending September 2017, the
service account balance improved to a surplus of $1,773.0 million,
compared with $164.5 million recorded in the year ending September
2016.
The increase was largely driven by the rise in
inflows in the form of grants and external borrowing, coupled with
narrowing of current account deficit.
Services account
The
services account recorded a surplus of $1.7 billion compared with a
surplus of $1.1 billion in the year ending September 2016, largely on
account of a decline in services payments.
Earnings from services amounted to $3.7 billion up from $3.5 billion due to an increase in travel and transport receipts.
Earnings
from travel, which were dominated by tourism, increased to $2.1 billion
from $1.98 billion in the corresponding period in 2016, as the number
of visitor arrivals rose.
Transport receipts increased by 4.8 per cent to $1.1 billion in the year ending September 2017.
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