{"id":11788,"date":"2020-07-09T16:55:27","date_gmt":"2020-07-09T16:55:27","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=11788"},"modified":"2020-07-09T16:55:27","modified_gmt":"2020-07-09T16:55:27","slug":"banks-record-low-services-due-to-coronavirus-pandemic","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic","title":{"rendered":"BANKS RECORD LOW SERVICES DUE TO CORONAVIRUS PANDEMIC"},"content":{"rendered":"<p><strong>AfricaPress-Tanzania:<\/strong> THE total loans extended by banking sector went down by almost one percent in May owing to coronavirus pandemic lockdown.<\/p>\n<p>The Bank of Tanzania (BoT), said in its latest monthly economic review (MER) that on monthly basis, total credit slowed down to 3.5 percent from 4.4 percent in the preceding month.<\/p>\n<p>The central bank attributed the slowdown to repayment failure by some sectors, especially hospitality and education due to the ongoing pandemic economic effects.<\/p>\n<p>\u201cThe slow growth was on account of repayment of loans by some borrowers, coupled by subdued demand for loans by hospitality industry and schools owing to coronavirus,\u201d the BoT report said. The report showed that credit to the private sector slowed down by 5.1 percent from 5.8 percent.<\/p>\n<p>On other hand, sectoral decomposition of credit indicates fast growth of loans extended to building, construction, transport, communication and personal-related economic activities\u2014mostly SMEs.<\/p>\n<p>\u201cThe profile of loans outstanding indicates much of the credit was extended to personal-related activities, trade and manufacturing,\u201d the report said.<\/p>\n<p>The personal-related activities, trade and manufacturing shares to loans outstanding were 31.7 percent, 17.3 percent and 11.5 percent, respectively.<\/p>\n<p>Extended broad money supply (M3) grew at an annual rate of 11.9 percent in May, compared with 12.2 percent in the preceding month and 5.8 percent last May.<\/p>\n<p>Despite the drop, BoT said: \u201cmoney supply growth remained strong, reflecting the impact of accommodative monetary policy to limit the impact of coronavirus on the economy, combined with moderate growth of credit to the private sector\u201d.<\/p>\n<p>Also broad money supply (M2), went down by 12.9 percent compared to 13.9 percent and 7.2 percent.<\/p>\n<p>This, BoT\u2019s Monetary Policy Committee (MPC), had approved measures to limit impact of coronavirus on the economy.<\/p>\n<p>The MPC\u00a0 lowered statutory\u00a0 minimum\u00a0 reserves (SMR), requirement ratio from\u00a0 7.0 per cent to 6.0 percent, reduce discount rate from 7.0 percent to 5.0 percent, and lower haircuts\u00a0 on\u00a0 government\u00a0 securities\u00a0 pledged by banks for borrowing from\u00a0 10 percent to\u00a0 5.0 percent for securities maturing within one year, and from 40 percent to 20 percent for securities with\u00a0 maturities exceeding\u00a0 one\u00a0 year.<\/p>\n<p>In addition, the measures included providing regulatory flexibility to banks in restructuring loans and overdraft\u00a0 facilities for businesses affected by coronavirus and increasing mobile wallet daily transaction limit from 3.0m\/-to 5.0m\/-, and mobile wallet daily balance from 5.0m\/-to 10m\/-.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AfricaPress-Tanzania: THE total loans extended by banking sector went down by almost one percent in May owing to coronavirus pandemic lockdown. The Bank of Tanzania (BoT), said in its latest monthly economic review (MER) that on monthly basis, total credit slowed down to 3.5 percent from 4.4 percent in the preceding month. The central bank [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":11765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,4766],"class_list":["post-11788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bot","tag-mpc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BANKS RECORD LOW SERVICES DUE TO CORONAVIRUS PANDEMIC - Tanzania<\/title>\n<meta name=\"description\" content=\"THE total loans extended by banking sector went down by almost one percent in May owing to coronavirus pandemic lockdown.The Bank of Tanzania\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BANKS RECORD LOW SERVICES DUE TO CORONAVIRUS PANDEMIC\" \/>\n<meta property=\"og:description\" content=\"THE total loans extended by banking sector went down by almost one percent in May owing to coronavirus pandemic lockdown.The Bank of Tanzania\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-07-09T16:55:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/07\/7af921caf170bd1ae54a163fd1f55aaa.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"766\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BANKS RECORD LOW SERVICES DUE TO CORONAVIRUS PANDEMIC\",\"datePublished\":\"2020-07-09T16:55:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic\"},\"wordCount\":378,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/07\/7af921caf170bd1ae54a163fd1f55aaa.jpg\",\"keywords\":[\"BoT\",\"MPC\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/banks-record-low-services-due-to-coronavirus-pandemic\",\"name\":\"BANKS RECORD LOW SERVICES DUE TO CORONAVIRUS PANDEMIC - 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