Inter-bank rates increases to 17 per cent today

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By Economic Post Reporter
Tanzania’s interbank money market rates increased to an weighted average rate of 17 per cent today, the highest in three weeks.
The Bank of Tanzania (BOT) Interbank Money Market report shows that the rates have increased from 15.88 per cent recorded on September 1 this year.
Analysts say the increased rates was a result of liquidity shortages facing the banking system as they are struggling following the transfer of public institutions’ accounts  from commercial banks to the central bank.
Since he entered into power in November last year, President John Pombe Magufuli ordered all public institutions to open accounts to the central bank and transfer all funds that were previously deposited to the commercial banks.
Reports have indicated that since the government transferred, the costs of funds for lending are becoming expensive, as some banks were depending on the public institutions deposits for lending to other banks or sectors of the economy.
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