Tanzania bank’s sector total assets grew by 2.6 in 2016

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By Mnaku Mbani
The Tanzania banking sector continues to maintain steady growth with total assets growing by 2.6 percent to TZS 27,978.2 billion at the end of December 2016 compared with TZS 26,917.2 billion recorded at the end of December 2015.
The Bank of Tanzania Monetary Policy Statement published today says during the period under review, deposits accounted for 79.8 percent of total liabilities.

The statement outlook shows that the banking sector is expected to remain sound and stable, with liquidity and capital buffers remaining well above the minimum requirement to withstand shocks. 
“The Bank will continue to monitor risks to the banking sector stability and intensify its efforts towards strengthening risk management practices,” says a statement.
It says this will be done to ensure that the level of nonperforming loans, which has depicted an upward trend over the recent past, is reduced to below 5 percent target set by the Bank.
The Bank will also continue to promote efficient and effective payment system in order to safeguard the financial sector stability, enhance access to financial services, and promote development of the financial market.

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