Africa-Press – Tanzania. THE Bank of Tanzania (BoT) has alerted Tanzanian citizens against reports circulating on social media that the bank has printed and distributed money to finance the ongoing election campaigns, saying they are false and should be ignored.
The BoT Governor, Emmanuel Tutuba, made the statement today, October 17, 2025 in Dodoma while condemning all those spreading such misinformation.
From the circulated report, others have been urging citizens to withdraw their funds from certain commercial banks because those banks have run out of cash due to the elections.
Elaborating, the Governor stated that the Central bank prints money in accordance with Section 26 of the Bank of Tanzania Act, Chapter 197, and introduces it into circulation based on economic activity and the need to replace worn-out notes returned to the bank through deposits from commercial banks and not for any other reason.
Additionally, he stated that BOT continues to implement its Monetary Policy effectively, maintaining low inflation by an average of 3.3 percent for the first 10 months of the 2025 year with supporting strong economic growth (projected at 6 percent in 2025), reducing the current account deficit to 2.4 percent of GDP as of September 2025 as well as strengthening the Tanzanian shilling by 8.8 percent for the year ending September 2025.
He also mentioned the increase of foreign exchange reserves to 6.7 billion US Dollars, enough to cover 5 months of imports.
“I would also like to assure the public that all banks operating in the country are being supervised in accordance with laws, regulations, guidelines, and international standards. These banks continue to maintain adequate capital and liquidity, remain profitable, and have a low level of non-performing loans,” he stated.
Moreover, he said that all payment systems continue to operate efficiently, ensuring safe, reliable, and effective transactions.
“Given this strong economic and financial environment, the decision to withdraw money from banks and keep it at home is unwise. It is an outdated practice that carries many risks, including theft, personal harm, loss, misuse of funds, damage due to poor storage, or destruction in case of a house fire,” the governor said.
He used the opportunity and advised citizens to continue keeping their deposits and savings in banks, where they enjoy numerous benefits, including earning interest or annual profit, safe custody, deposit insurance protection, and enabling banks to lend funds to those who need capital or wish to meet various economic needs.
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