Africa

Tanzania Appoints New Central Bank Governor

The Bank of Tanzania (BoT) is the central bank of the country responsible for formulating and implementing a monetary policy aimed at maintaining domestic price stability. Since 1966, the bank has had seven governors and 11 deputy governors.
Sputnik
Tanzania’s President Samia Suluhu Hassan has appointed Emmanuel Mpawe Tutuba as the central bank governor as part of efforts to address the increasing cost of living.
Tutuba assumes the position of governor following the retirement of Florens Luoga after a five-year tenure. Prior to the new appointment, which takes immediate effect, Tutuba was the permanent secretary in the Ministry of Finance and Planning. He becomes the eighth governor to take charge of the BoT.
The newly-appointed governor inherits an economy struggling with high inflationary pressure. In November, Tanzania's annual inflation rate stood at a five-year high of 4.9%. The country's national currency, the Tanzanian shilling, has also been weakening in recent months as a result of global economic turbulence.
According to the International Monetary Fund, consumer price growth in the East African country is projected to reach an annual average of 5.3% this year, higher than 2020's 4%.
This week was marked by some high-profile appointments and layoffs in Tanzania. On Thursday, the president fired the permanent secretary of State House only two days after he was appointed. She likewise named another official to fill the position, giving no reason for the change.
Africa
Tanzania Inaugurates Filling Channel for New Julius Nyerere Dam
Discuss