Liquidity shortages easy as banks reduce rates

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By Mnaku Mbani
The Interbank money market rates fell to an average rate of 7 per cent yesterday, the lowest in fourteen months. This has been translated into an increased financial liquidity in the market as the rate fell from the highest rate of 17 during the end of last year.The Bank of Tanzania data shows that the rates started to fall early January at the rate of 10 per cent from 14 per cent recorded at the end of December last year.

According to the BOT Monthly Economic Review for January the volume of transactions in the inter-bank cash market were significantly lower in December and November 2016 than in the preceding three months during which the market recorded high and stable pattern of transactions.
The month of December, however, tends to experience low transactions, which is partly seasonal. Partly reflecting this phenomenon, total market turnover was TZS 364.5 billion in December 2016 compared with TZS 520.85 billion in the preceding month.
The transactions were dominated by overnight transactions at 44.7 percent, albeit lower than 56.3 percent in November 2016.
The overall and overnight interbank cash market rates increased marginally to 13.49 percent and 13.69 percent from 13.35 percent and 13.23 percent in the preceding month, respectively.
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