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Moody’s affirms ratings of Tanzanian banks; changes outlook to negative

DAR ES SALAAM (Capital Markets in Africa) – Moody’s Investors Service has today affirmed the B1/ Not Prime long and short-term local-currency deposit ratings and the B2/ Not Prime long and short-term foreign-currency deposit ratings of NMB Bank PLC and CRDB Bank Plc. The outlook on the banks’ long-term deposit ratings was changed to negative, from stable. At the same time, Moody’s has affirmed NMB Bank PLC’s b1 baseline credit assessment (BCA), b1 adjusted BCA,…

Tanzania Leader Appoints Tax Specialist Central Bank Chief

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzanian President John Magufuli named Florens Luoga, a tax-law expert, as the new head of the central bank as the East African nation’s leader seeks to overhaul the country’s natural-resources industry. In July, Magufuli appointed Luoga as chairman of the Tanzania Revenue Authority board. He’s been a deputy vice chancellor at the University of Dar es Salaam since 2014, according to the academic institution’s website. “We had a…

Central Banks in Africa Keep Rates Amidst Fed Rate Hike in March

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Tanzania’s central bank cut its discount rate to 12percent from 16 percent on Monday 6th March 2017, to help spur lending and boost economic growth, the first time it has lowered borrowing costs since 2013. The cut, which the central bank said in a circular to commercial banks becomes effective on Monday, follows a steep drop in private sector credit growth last year. “The discount rate which is applicable…

Tanzania central bank slashes its discount rate to 12 pct

Posted on by The Editorial Team

DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank cut its discount rate to 12 percent from 16 percent to help spur lending and boost economic growth, the first time it has lowered borrowing costs since 2013. The cut, which the central bank said in a circular to commercial banks seen by Reuters becomes effective on Monday, follows a steep drop in private sector credit growth last year. “The discount rate which is applicable…