{"id":8743,"date":"2020-05-15T19:27:35","date_gmt":"2020-05-15T19:27:35","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=8743"},"modified":"2020-05-15T19:27:35","modified_gmt":"2020-05-15T19:27:35","slug":"private-sector-credit-grows-by-8-6pc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc","title":{"rendered":"PRIVATE SECTOR CREDIT GROWS BY 8.6PC"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> BANKS credit to the private sector grew by 8.6 per cent in the year ended March compared to 9.6 per cent registered in the corresponding period 2019, with much of the share observed in building and construction, agriculture and personal loans.<\/p>\n

The Central Bank\u2019s latest monthly report shows that the credit growth partly reflects adequate supply of loanable funds following intensified liquidity easing monetary policy measures.<\/p>\n

Banks credit to the central government and private sector grew by 6.5 per cent in March 2020, compared with 5.8 per cent recorded in the preceding month and 6.9 per cent in the corresponding month in 2019.<\/p>\n

Early this week, the BoT announced various measures, including reducing the discount rate to historical low, to boost financial activities and to offset Covid-19 effects on the economy.<\/p>\n

The central bank lowered the discount rate from 7.0 per cent to 5.0 per cent from yesterday, in a bid to increase liquidity space in the financial sector. The last time BoT lowered the rate was almost two years ago.<\/p>\n

\u201cThis measure will provide additional space for bankers to borrow from Bank of Tanzania to lower costs, thus signalling lower lending rates by banks,\u201d BoT said in a statement.<\/p>\n

Furthermore, the central bank\u2019s Monetary Policy Committee that met recently cut statutory minimum reserve requirement from 7.0 per cent to 6.0 per cent.<\/p>\n

\u201cThe measure expected to provide additional liquidity to banks,\u201d the statement said. However, the implementation starts early next month.<\/p>\n

The haircut for treasury bills is from 10 per cent to 5.0 per cent and for treasury bonds by half from 40 per cent to 20 per cent from yesterday.<\/p>\n

This is expected to increase banks\u2019 borrowing from the central bank with less collateral than before. In another move to contain the economy from contracting, BoT is asking banks and other financial institutions to thoroughly assess borrowers\u2019 financial difficulties due to Covid-19 towards restructuring loan repayments.<\/p>\n

High growth of credit was observed in building and construction, agriculture and personal loans. Personal loans and trade accounted for the largest share of credit outstanding, at 30.2 per cent and 17.7 per cent, respectively.<\/p>\n

The Bank of Tanzania has continued to intensify accommodative monetary policy measures in order to cushion the economy from the impact of Covid-19.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: BANKS credit to the private sector grew by 8.6 per cent in the year ended March compared to 9.6 per cent registered in the corresponding period 2019, with much of the share observed in building and construction, agriculture and personal loans. The Central Bank\u2019s latest monthly report shows that the credit growth partly reflects […]<\/p>\n","protected":false},"author":84,"featured_media":8737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[3865,274,2349],"class_list":["post-8743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-banks-credit","tag-bot","tag-central-bank"],"yoast_head":"\nPRIVATE SECTOR CREDIT GROWS BY 8.6PC - Tanzania<\/title>\n<meta name=\"description\" content=\"BANKS credit to the private sector grew by 8.6 per cent in the year ended March compared to 9.6 per cent registered in the corresponding period 2019,\" \/>\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\/private-sector-credit-grows-by-8-6pc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PRIVATE SECTOR CREDIT GROWS BY 8.6PC\" \/>\n<meta property=\"og:description\" content=\"BANKS credit to the private sector grew by 8.6 per cent in the year ended March compared to 9.6 per cent registered in the corresponding period 2019,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc\" \/>\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=\"2020-05-15T19:27:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/05\/1a5a3316d5803f2830e0279b5be08021.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"749\" \/>\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\/private-sector-credit-grows-by-8-6pc#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"PRIVATE SECTOR CREDIT GROWS BY 8.6PC\",\"datePublished\":\"2020-05-15T19:27:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/05\/1a5a3316d5803f2830e0279b5be08021.jpg\",\"keywords\":[\"BANKS credit\",\"BoT\",\"Central Bank\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/private-sector-credit-grows-by-8-6pc\",\"name\":\"PRIVATE SECTOR CREDIT GROWS BY 8.6PC - 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