Central bank to continue with cautious monetary policy

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By Mnaku Mbani
The central bank of Tanzania has said it will continue with cautious monetary policy during the second half of Financial Year 2016/17, which started last month. In its Monetary Policy Statement published today, the Bank of Tanzania says it will continue with its cautious monetary policy in the midst of the projected moderate rate of inflation and slowdown of credit to the private sector.

“The Bank will also continue to closely monitor the trend in key monetary indicators and participate actively in the money markets with a view to maintaining stability of short-term interest rates and availability of adequate liquidity among banks in support of economic activities,” says a statement posted in the Bank of Tanzania website today.
“The Bank will continue with reforms to facilitate adoption of a forward looking monetary policy framework with the use of interbank cash market rate as an operational target.”
The reforms include among others the development of an electronic platform for interbank cash market operations, integration of the forecasting and policy analysis (FPAS) into the monetary policy formulation process, improvement in the functioning of domestic financial markets, expansion of the range of eligible collaterals for monetary operations and enhancement of coordination with the fiscal policy.
The statement says that the monetary policy in the first half of 2016/17 was shaped by the change in liquidity outcomes of fiscal operations.
The Bank took liquidity injecting actions using a mix of instruments that helped to provide sufficient liquidity to support economic activities.
These measures notwithstanding, the period witnessed a general slowdown in the growth rates of monetary aggregates. These developments set a stage for monetary policy stance for the remainder of 2016/17.
The Bank  says will continue to closely monitor key monetary indicators and use its monetary policy toolkit to ensure that annual growth of the broader monetary aggregates is consistent with the medium-term inflation objective of 5 percent, and real GDP growth of about 7 percent, while maintaining stability of the short-term interest rates.

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