{"id":5578,"date":"2020-03-20T15:05:54","date_gmt":"2020-03-20T15:05:54","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=5578"},"modified":"2020-03-20T15:05:54","modified_gmt":"2020-03-20T15:05:54","slug":"bot-promises-financial-sector-stimulus-package","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package","title":{"rendered":"BOT PROMISES FINANCIAL SECTOR STIMULUS PACKAGE"},"content":{"rendered":"
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AfricaPress-Tanzania:<\/strong> BANK of Tanzania (BoT) is set to offer special packages for the financial sector in a bid to stabilize the sector and maintain monetary stability following the coronavirus outbreak.<\/p>\n

It is part of Central Bank\u2019s contingent plan to cushion the economy from what is expected to be a severe blow from the coronavirus outbreak.<\/p>\n

BoT\u2019s Macro-prudential Analysis and Crisis Management Manager, Dr Deogratias Assey, said the central bank was weighing bailouts to help the virus created a monetary crisis.<\/p>\n

\u201cThe central bank has already formulated some stimulus packages to assist banks in case the virus brings financial crisis to the economy,\u201d Dr Assey told a tripartite team\u2014 Ministry of Health, Community Development, Gender and Elderly, Tanzania Bankers Association (TBA) members and BoT on Thursday.<\/p>\n

\u201cThe packages are designed to cushion and stimulate the financial sector to reduce impact of the contagious effect of coronavirus,\u201d he added.<\/p>\n

The BoT commended efforts by banks on preventing more outbreaks by encouraging customers to wash hands and sanitizing ATMs.<\/p>\n

The Deputy Minister for Health, Community Development, Gender, Elderly and Children Dr Faustine Ndugulile, said the government has put in place strategies to combat more infections and people should adhere to protective directives issued by the ministry.<\/p>\n

\u201cPeople should not panic. What they need to do is to put into practice the directives issued by the ministry,\u201d Dr Ndugulile stressed.<\/p>\n

During the meeting, various representatives from banks informed the regulators on strategies put forward to halt further spread of the deadly Covid-19.<\/p>\n

TBA Deputy Chair, Mr Sanjay Rughani prayed to the government to make sure institutions such as Tanesco and others that are supporting digital banking platforms are working efficiently this time around to enable customers to have access to financial services without visiting a branch.<\/p>\n

Globally, European Central Bank came up with a Pandemic Emergency Purchase Programme aimed at keeping borrowing costs down to support the outlook for Europe\u2019s economy and making sure the bank\u2019s low benchmark rates keep getting through to businesses and consumers.<\/p>\n

The US Fed on Sunday slashed its benchmark interest rate to near zero and said it would buy 700 billion US dollars in Treasury and mortgage bonds.<\/p>\n<\/div>\n

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AfricaPress-Tanzania: BANK of Tanzania (BoT) is set to offer special packages for the financial sector in a bid to stabilize the sector and maintain monetary stability following the coronavirus outbreak. It is part of Central Bank\u2019s contingent plan to cushion the economy from what is expected to be a severe blow from the coronavirus outbreak. […]<\/p>\n","protected":false},"author":84,"featured_media":5571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,2565,5,8],"tags":[274,1683,2593,806],"class_list":["post-5578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-coronavirus-in-tanzania","category-economy","category-homepage-english","tag-bot","tag-coronavirus","tag-deogratias-assey","tag-tba"],"yoast_head":"\nBOT PROMISES FINANCIAL SECTOR STIMULUS PACKAGE - Tanzania<\/title>\n<meta name=\"description\" content=\"BANK of Tanzania (BoT) is set to offer special packages for the financial sector in a bid to stabilize the sector and maintain monetary stability\" \/>\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\/bot-promises-financial-sector-stimulus-package\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BOT PROMISES FINANCIAL SECTOR STIMULUS PACKAGE\" \/>\n<meta property=\"og:description\" content=\"BANK of Tanzania (BoT) is set to offer special packages for the financial sector in a bid to stabilize the sector and maintain monetary stability\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package\" \/>\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=\"2020-03-20T15:05:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/03\/6fecea58e987f284a0f5836dd83a02fc.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"487\" \/>\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\/bot-promises-financial-sector-stimulus-package#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BOT PROMISES FINANCIAL SECTOR STIMULUS PACKAGE\",\"datePublished\":\"2020-03-20T15:05:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package\"},\"wordCount\":368,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/03\/6fecea58e987f284a0f5836dd83a02fc.jpeg\",\"keywords\":[\"BoT\",\"Coronavirus\",\"Deogratias Assey\",\"TBA\"],\"articleSection\":[\"all news\",\"community\",\"Coronavirus in Tanzania\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/bot-promises-financial-sector-stimulus-package\",\"name\":\"BOT PROMISES FINANCIAL SECTOR STIMULUS PACKAGE - 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