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MONETARY
SYSTEM
OFFICIAL
CURRENCY
1
Tanzanian Shilling(Tsh) = 100 cents
CURRENCY
CONVERTIBILITY REGIME
Freely
Convertible
LATEST
EXCHANGE RATE
1
US $ = TSh 924.70 (January 2002)
NAME
OF CENTRAL BANK
Bank
of Tanzania. The main functions of the bank are:
-
Formulate and implement monetary policy
-
Issue currency
-
Regulate and supervise banks and financial institutions
-
Manage gold and foreign exchange reserves of Tanzania.
COMMERCIAL
BANKS
There are about
12 commercial banks operating in Tanzania.
The National
bank of Commerce provides a complete range of commercial banking
services through its head office and nationwide branches and agency.
It has overseas
correspondent banks to facilitate its international banking operations.It
also provides overdrafts to finance working capital for all sectors
of the economy.It is thus involved in almost all significant sectors
of economic activity.In addition, it has a subsdiary company, (Karadha),
which gives loans for purchase of vehicles, tractors, small items
of machinery and household durable goods.
The Co-operative
and Rural Development Bank originally provided finance only to cooperatives,
villages and individuals to undertake economically viable rural
projects, but recently it has been operating as a general purpose
commercial bank as well.
It has a regional
network of branches.
DEVELOPMENT/INVESTMENT
FINANCE
Tanzania Investment
Bank (TIB)
It grants medium
and long-term loans to economically sound and technically feasible
projects in the key industrial and agricultural sectors of the economy.It
also undertakes the provided advice to investors.
In addition,
it administers special funds for financing small-scale projects
and provides technical assistance and advice.
Tanzania Housing
Bank (THB)
It provides
medium and long-term loan to individuals and organisations to build
low and medium-cost, rural and urban housing. In addition,
it grants commercial loans, finances commercial and industrial premises,
office blocks, hotels and guest houses, warehouses and the production
of building materials.It also has a network of zonal and regional
branches.
Commonwealth
Development Corporation (CDC)
It is the British
statutory organization and is actively involved in Tanzania's development.It
invests in productive projects covering basic development, agriculture
and processing, as well as industry and commerce.
It mainly provides
medium and long-term financing through loans or equity in joint
ventures with Government, development agencies, institutions and
the private sector.
Tanganyika
Development Finance Compnay Ltd. (TDFL)
It promotes
viable companies in industrial, agricultural, tourist and other
undertakings based on the utilization of natural resources and the
attraction or savings of foreign exchange.Its focus is on medium-sized
projects.
OTHER
FINANCIAL INSTITUTIONS
The Post Office Savings
Bank (POSB)
It seeks to
mobilize savings and fixd deposits.It has a network of 177 branches
and 155 agencies.
Satndard Chartered
Bank
The National
Insurance Corporation of Tanzania Ltd. (NIC)
It is a government-owned
sole insure and reinsure and provides a comprehensive range of insurance
services including life and general insurance.It has a network of
branches and agents throughout the country.
The Zanzibar
Insurance Corporation (ZIC)
It provides
similar insurance services in the Isles.
City Bank
A new bank
called City bank to cater for merchant banking to the business community
has recently been established in Dar es Salaam.
Bureaux Des
Changes
A number of
Forex Bureau are in operation in the country.
Stock Market
Dar es Salaam
Stock Exchange is in operation (DSU)
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