Tanzania registers low growth of domestic credit

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By Mnaku Mbani
Tanzania’s domestic credit increased by TZS 1,561.8 billion in the year ending October 2016 to a stock of TZS 21,447.2 billion compared with an increase of TZS 3,171.6 billion registered in the year ending October 2016.
According to the Bank of Tanzania Monthly Economic Review for November last year shows that the slower pace of increase in domestic credit was reflected in credit to the government and private sector.

During the period, credit to the government from the banking system increased by TZS 11.9 billion compared with TZS 194.0 billion recorded in the year ending October 2015, supported by increase in deposits at the Bank of Tanzania following increase in domestic revenue collection.  
On the other hand, BOT review says, credit to the private sector increased by TZS 1,550.5 billion to TZS 16,654.4 billion, translating into an annual growth of 10.3 percent, compared with 24.6 percent growth (or an increase of TZS 2,977.6 billion recorded in the corresponding period of 2015. The slowdown in the growth of credit to the private sector was recorded in all major economic activities.
In terms of share of total outstanding credit, personal loans and credit to trade activities continued to command the largest share accounting for almost 40 percent of the total outstanding loan

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