Africa-Press – Tanzania. President Samia Suluhu Hassan is expected to officiate a two-day 20th Conference of Financial Institutions (COFI) that will dwell on economy recovering from coronavirus and beyond.
The conference to be held in Dodoma city starting on Thursday will bring together some 300 senior officials from financial institutions, private sector, government, international organisations, academia, civic organizations, and media.
The conference, organised by the Bank of Tanzania (BoT) in collaboration with the Tanzania Bankers Association (TBA), will be guided by the theme ‘Tanzania Economy: Recovery from Covid-19 pandemic and beyond’.
The experts from within and outside the country will share experiences on four related topics.
“This year’s topics have been carefully selected in line with the current situation where the global economy is recovering from the effects of the Covid-19 pandemic…,” the statement issued by BoT said.
Some of the topics are economic growth and sustainability during and beyond covid-19 pandemic, priorities and policy options which carries this year theme.
Others are accelerating digitalisation for sustainable growth; digital currencies: experiences, risks and regulatory issues; and scaling up private sector credit beyond covid-19 pandemic: role of government, financial institutions, and private sector.
“[The global] experienced since the beginning of 2020, and digital technologies and currencies are gaining popularity across the globe,” the statement said.
The BoT took steps to introduce policy measures to safeguard the stability of the financial sector mid last year due to Covid-19 by cutting the discount rate from 7.0per cent to 5.0percent, reducing the statutory minimum reserves (SMR) requirement from 7.0per cent to 6.0 per cent to boost liquidity.
It also allowed the commercial banks to discuss with their customers the possibility of restructuring loans and asked them, in collaboration with mobile network operators, to increase transaction limits from 3 .0m/- to 5.0m/- and daily balance from 5.0m/- to 10m/-.
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