Tanzania money supply slows in June

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Mnaku Mbani
The pace of growth of extended broad money supply (M3) slowed moderately to 12.5 percent in the year ending June 2016 compared with 13.1 percent in the corresponding period 2015.
According to the Bank of Tanzania Monthly Economic Review for July 2016 the deceleration was largely a result of contraction of net foreign assets (NFA) of the banking system and credit to private sector.
In particular, NFA grew by 6.9 percent, significantly lower compared with 18.5 percent in the year ending June 2015.
“This was to a large extent a reflection of receipt of less budgetary foreign exchange inflows than before, increased foreign borrowing by banks, decrease in banks’ deposits with non-residents, and short-term placements abroad,” says a review published this week.
Credit to the private sector by banks recorded year-on-year growth of 19.1 percent compared with 21.0 percent.
The slowdown in growth of credit to private sector manifested in all major economic activities, save for personal loans and credit to hotels and restaurants.
The slow growth of credit to some economic activities is to a large extent linked to adjustment by banks and private sector to new government policy initiatives. In terms of share in total outstanding credit, personal loans and credit to trade and manufacturing activities remained dominant, as in the recent comparable periods.

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