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The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling.
It was established under the Bank of Tanzania Act 1965, however in 1995 the government decided the central bank had too many responsibilities. Therefore it was hindering its other objectives. In response, the government introduced the Bank of Tanzania Act 1995, which gave the bank a key single objective, which was monetary policy.
It is governed by a Board of Directors, it consists of ten people, four of whom are ex-officio members, which have 3 advisory committees that can assist them.Head Of Central Bank is the Governor assist by three deputy governors, Administration, Economic & financial policies and Financial stability.
Criticism
Recently Bank of Tanzania was involve in the spam which resulted into audit of its External Arrears Account (EPA). About Tshs 133 bilion were discouvered to be have been lost in 2005 through dubious payment. As a result President of Tanzania fired Central Bank Governor Mr D. T. S Ballali on 9 Jan 2008. Prof Benno Ndullu was appointed to his place on the same day.
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