Tanzania’s 2016 current account deficit narrows 49 pct

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DAR ES SALAAM (Reuters) - Tanzania's current account deficit narrowed 48.8 percent to $2.05 billion last year, on the back of fewer imports and a rise in tourism earnings and gold exports, the central bank said.
Tanzania, which has a population of around 50 million, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali.

Revenues from gold exports rose 22.5 percent to $1.45 billion. Bank of Tanzania (BoT), the central bank, attributed the surge to higher prices and output.
Imports of goods and services fell 13.7 percent though petroleum products and industrial raw materials increased. Exports rose 5.2 percent.
Tanzania is famed for its pristine beaches and safari parks, and tourism is the country's biggest source of foreign exchange. Earnings from the sector rose to $2.23 billion last year from $2.01 billion as visitor numbers increased, the BoT said.
Gross official foreign exchange reserves held by the central bank rose to $4.32 billion in 2016, equivalent to about four months of import cover, slightly up from the previous year.

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