Tanzania Current account narrow by 33 pc in H1 of 2016/17

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By Mnaku Mbani
Tanzania current account deficit narrowed by 33.2 percent During the first half of 2016/17to a deficit of USD 1,000.4 million, compared with a deficit of USD 1,498.5 million registered in the corresponding period in 2015/16.
The Monetary Policy Statement for February 2017 published today by the Bank of Tanzania has said this development was mainly attributed to decline in import of goods and services as exports remained broadly the same.

The overall balance of payments registered a surplus of USD 500.3 million, compared with a deficit of USD 173.6 million, recorded in the corresponding period in 2015/16, mainly driven by the improvement recorded in the current account balance.
The stock of gross official reserves amounted to USD 4,325.6 million at the end of December 2016, sufficient to cover 4.2 months of projected imports of goods and services.
Gross foreign assets of commercial banks amounted to USD 768.2 million, while foreign currency deposits held by residents in commercial banks amounted to USD 2,870.8 million at the end of December 2016.
The stock of public sector debt decreased by USD 123.5 million to USD 18,495.5 million at the end of December 2016, from USD 18,619.1 million recorded at the end of June 2016; the decrease was on account of repayment and exchange rate fluctuation, mainly appreciation of US dollar against Special Drawing Rights.
The statement has noted that external debt stock, including that of the private sector, decreased by 1.1 percent to USD 16,986.2 million at the end of December 2016, compared to USD 17,180.9 million recorded at the end of June 2016, out of which, 80.6 percent was public debt.
Debt sustainability analysis conducted in November 2016 indicates that the present value of external debt to GDP was 19.9 percent, well below the international threshold of 40.0 percent, implying that Tanzania’s debt is sustainable.
The Government domestic debt increased by 4.5 percent to TZS 10,468.2 billion at the end of December 2016, from TZS 10,012.7 billion recorded at the end of June 2016, largely on account of issuance of government securities for budget financing.

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