- According to the Bank of Tanzania’s monthly economic review for December, Tanzania’s external sector performance has recorded improvement in the year ending November 2020.
- The current account deficit dropped to $818.6 million from $1.6 billion for the year ending November 2019.
According to the Bank of Tanzania’s monthly economic review for December, Tanzania’s external sector performance has recorded improvement in the year ending November 2020. The current account deficit dropped to $818.6 million from $1.6 billion for the year ending November 2019. The improvements were mainly attributed to higher exports of goods coupled with a drop in imports bill. The overall balance of payments recorded a deficit of $681.9 million. The BOT claimed that the reserves were still enough to cover 5.6 months of projected imports of goods and services above the country benchmark of not less than four months and conjunction criteria of at least 4.5 months for the East Africa Community. During the year ending November 2020, the Report said, foreign assets of banks also improved and touched $1.07 billion compared to $1.02 billion year-on-year. The country’s gold exports also grew in both volume and price.
