The Bank of Tanzania Act

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The Bank of Tanzania is the central bank of the United Republic of Tanzania. It came into operation on June 14th 1966, under the Bank of Tanzania Act, 1965. The Act empowered the Bank of Tanzania to perform all the traditional central banking functions. The Bank of Tanzania Act, 1995 replaced the earlier Act with the primary objective of establishing monetary conditions conducive to Price Stability over time. The objective is to formulate and implement monetary policy in line with the Bank’s mission to maintain price stability that is conducive to the attainment of financial and macroeconomic stability, with the objective of promoting a high and sustainable rate of economic growth.

The Bank of Tanzania Act, 2006 replaced the 1995 Act. The new Act among other issues, provide for more responsive regulatory role of the Bank of Tanzania in relation to the formulation and implementation of monetary policy, and the supervision of banks and financial institutions.

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The idea of an Association of African Central Banks was first introduced on May 25, 1963, at the Summit Conference of African Heads of State and Government held in Addis Ababa, Ethiopia. In this regard, African Heads of State and Government unanimously agreed to set up a preparatory Economic Committee to study a large range of monetary and financial issues, in collaboration with Governments and in consultation with the Economic Commission for Africa (ECA).

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