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Akiba za kigeni za Tanzania zimepungua kwa dola milioni 600 (sawa na takriban trilioni 1.4 za Kitanzania) katika kipindi cha mwaka uliopita, lakini serikali inasema hakuna sababu ya kuhangaika na mustakabali uko wazi.
Kwenye taarifa yake ya hivi karibuni, Kamati ya Sera ya Fedha (MPC) inasema akiba za kigeni zilifikia dola bilioni 4.9 (sawa na takriban trilioni 11.7 za Kitanzania) mwishoni mwa Aprili 2023.
Hii iliwakilisha kupungua kwa asilimia 11 karibu na dola bilioni 5.5 (sawa na takriban trilioni 13.1 za Kitanzania) zilizosajiliwa mwishoni mwa Aprili 2022.
Hata hivyo, licha ya kupungua huko, MPC, ambayo inaongozwa na mwenyekiti wake, Gavana wa Benki Kuu ya Tanzania (BoT), inasema kiwango cha akiba kilikuwa cha kutosha kufidia miezi 4.4 ya uagizaji, ambayo iko ndani ya kiwango cha nchi cha angalau miezi minne.
Na, kwa mujibu wa kiongozi wa kitengo cha mawasiliano cha serikali na msemaji wa Wizara ya Fedha na Mpango, Bwana Benny Mwaipaja, Tanzania iko katika hali nzuri kuliko nchi nyingine za ukanda wake linapokuja suala la akiba za kigeni.
Alitaja mwenendo huo kuwa ni matokeo ya sera nzuri za fedha na kiuchumi, mazingira mazuri ya biashara na diplomasia ya kiuchumi.
"Hii imesababisha wawekezaji zaidi na washirika wa maendeleo kuwekeza fedha zao. Mlipuko wa mitaji umesababisha kuongezeka kwa akiba zetu za kigeni," Bwana Mwaipaja aliiambia The Citizen kwa simu jana.
Hata hivyo, kutokana na matukio ya kimataifa ya sasa, siyo jambo la kushangaza kuona akiba za kigeni za nchi zikishuka kwa asilimia 10.9 mwishoni mwa Aprili 2023 ikilinganishwa na kipindi kama hicho mwaka uliopita, aliongeza.
Kimataifa, mahitaji ya akiba za kigeni yamepanda katika miezi ya hivi karibuni wakati waagizaji wanatafuta zaidi dola za Marekani kufadhili uagizaji kutokana na bei kubwa za mafuta, chakula, mafuta ya kupikia na chuma, miongoni mwa bidhaa nyingine za kuagiza.
Ilitokana na hayo kwamba Bwana Mwaipaja alisema kupungua kwa akiba za nchi hiyo kulichangiwa kwa kiwango fulani na vita kati ya Urusi na Ukrain Ukraine.
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Tanzania’s foreign exchange reserves have fallen by $600 million (about Sh1.4 trillion) during the past year, but the government says there is no reason to worry and the future remains bright.
In its latest statement, the Monetary Policy Committee (MPC) says foreign exchange reserves closed at $4.9 billion (about Sh11.7 trillion) at the end of April 2023.
This represented a nearly 11 percent drop from the $5.5 billion (about Sh13.1 trillion) that was registered at the end of April 2022.
Despite the fall, however, the MPC, which is chaired by the Bank of Tanzania (BoT) governor, says the level of reserves was sufficient to cover 4.4 months of imports, which is within the country’s benchmark of at least four months.
And, according to the head of the government communication unit and spokesperson at the Finance and Planning ministry, Mr Benny Mwaipaja, Tanzania is in a better shape than a number of its regional peers insofar as foreign exchange reserves are concerned.
He attributed the trend to good monetary and economic policies, a conducive business environment and economic diplomacy.
“This has prompted more investors and development partners to bring in their money. Capital inflows have resulted in the building up of our foreign exchange reserves,” Mr Mwaipaja told The Citizen by telephone yesterday.
However, with current global developments, it is not surprising to see the country’s foreign exchange reserves go down by 10.9 percent at the end of April 2023 compared to the same period last year, he added.
Globally, demand for foreign exchange has shot up in recent months as importers seek more dollars to finance imports owing to higher global prices of fuel, food, cooking oil and steel, among other imports.
It was on those grounds that Mr Mwaipaja said the decrease in the country’s reserves was to some extent triggered by the Russia-Ukraine war and the Covid-19 pandemic.
Fuel prices have been rising since 2022 and hit record highs in April of the same year in Tanzania.
During the period under review, the price of a litre of petrol in Dar es Salaam stood at Sh2, 861, whereas a litre of diesel was quoted at Sh2,692.
“Like any other country, Tanzania has been spending much of its foreign exchange reserves to buy fuel and wheat since the Russia-Ukraine war has made these products more expensive,” said Mr Mwaipaja.
However, he added, with strategies in place to boost transportation and agriculture sectors, the future is promising.
“We are optimistic these strategies will shore up our foreign exchange reserves.”
An economist from the University of Dar es Salaam, Prof Abel Kinyondo, said the available foreign exchange reserves, which can cover 4.4 months of imports, are a reflection of macroeconomic stability.
“We are talking about 4.4 months. Some countries have no reserves to cover even a single day of imports. The situation is worse out there,” he said.
However, Prof Kinyondo said the 10.9 percent drop in reserves should be a wakeup call for the government to promote exports by beefing up investment in the export processing zone.
“Let us back up our industrial base so that we can export more than we import. This will in turn reduce pressure on demand for US dollars,” he told The Citizen.
Prof Kinyondo also said it is high time the country reduced its dependence on petrol, diesel and kerosene and instead went for alternative energy sources that include gas, solar, wind and thermal power.
Trade and economic expert Nebart Mwapwele said the country’s available foreign exchange reserves suggest that the government took deliberate measures to lessen the effects of external shocks---Covid-19 and Russia-Ukraine war.
“But it should not end there. It is high time the government took measures that will boost reserves,” he recommended.
“We need to promote local production to increase exports. We need to reduce dependence on imports because it is very risky to our economy when there is a crisis of foreign currency that is used for transactions.”
Source: Tanzania's forex reserves down by 10.9 percent
Kwenye taarifa yake ya hivi karibuni, Kamati ya Sera ya Fedha (MPC) inasema akiba za kigeni zilifikia dola bilioni 4.9 (sawa na takriban trilioni 11.7 za Kitanzania) mwishoni mwa Aprili 2023.
Hii iliwakilisha kupungua kwa asilimia 11 karibu na dola bilioni 5.5 (sawa na takriban trilioni 13.1 za Kitanzania) zilizosajiliwa mwishoni mwa Aprili 2022.
Hata hivyo, licha ya kupungua huko, MPC, ambayo inaongozwa na mwenyekiti wake, Gavana wa Benki Kuu ya Tanzania (BoT), inasema kiwango cha akiba kilikuwa cha kutosha kufidia miezi 4.4 ya uagizaji, ambayo iko ndani ya kiwango cha nchi cha angalau miezi minne.
Na, kwa mujibu wa kiongozi wa kitengo cha mawasiliano cha serikali na msemaji wa Wizara ya Fedha na Mpango, Bwana Benny Mwaipaja, Tanzania iko katika hali nzuri kuliko nchi nyingine za ukanda wake linapokuja suala la akiba za kigeni.
Alitaja mwenendo huo kuwa ni matokeo ya sera nzuri za fedha na kiuchumi, mazingira mazuri ya biashara na diplomasia ya kiuchumi.
"Hii imesababisha wawekezaji zaidi na washirika wa maendeleo kuwekeza fedha zao. Mlipuko wa mitaji umesababisha kuongezeka kwa akiba zetu za kigeni," Bwana Mwaipaja aliiambia The Citizen kwa simu jana.
Hata hivyo, kutokana na matukio ya kimataifa ya sasa, siyo jambo la kushangaza kuona akiba za kigeni za nchi zikishuka kwa asilimia 10.9 mwishoni mwa Aprili 2023 ikilinganishwa na kipindi kama hicho mwaka uliopita, aliongeza.
Kimataifa, mahitaji ya akiba za kigeni yamepanda katika miezi ya hivi karibuni wakati waagizaji wanatafuta zaidi dola za Marekani kufadhili uagizaji kutokana na bei kubwa za mafuta, chakula, mafuta ya kupikia na chuma, miongoni mwa bidhaa nyingine za kuagiza.
Ilitokana na hayo kwamba Bwana Mwaipaja alisema kupungua kwa akiba za nchi hiyo kulichangiwa kwa kiwango fulani na vita kati ya Urusi na Ukrain Ukraine.
======
Tanzania’s foreign exchange reserves have fallen by $600 million (about Sh1.4 trillion) during the past year, but the government says there is no reason to worry and the future remains bright.
In its latest statement, the Monetary Policy Committee (MPC) says foreign exchange reserves closed at $4.9 billion (about Sh11.7 trillion) at the end of April 2023.
This represented a nearly 11 percent drop from the $5.5 billion (about Sh13.1 trillion) that was registered at the end of April 2022.
Despite the fall, however, the MPC, which is chaired by the Bank of Tanzania (BoT) governor, says the level of reserves was sufficient to cover 4.4 months of imports, which is within the country’s benchmark of at least four months.
And, according to the head of the government communication unit and spokesperson at the Finance and Planning ministry, Mr Benny Mwaipaja, Tanzania is in a better shape than a number of its regional peers insofar as foreign exchange reserves are concerned.
He attributed the trend to good monetary and economic policies, a conducive business environment and economic diplomacy.
“This has prompted more investors and development partners to bring in their money. Capital inflows have resulted in the building up of our foreign exchange reserves,” Mr Mwaipaja told The Citizen by telephone yesterday.
However, with current global developments, it is not surprising to see the country’s foreign exchange reserves go down by 10.9 percent at the end of April 2023 compared to the same period last year, he added.
Globally, demand for foreign exchange has shot up in recent months as importers seek more dollars to finance imports owing to higher global prices of fuel, food, cooking oil and steel, among other imports.
It was on those grounds that Mr Mwaipaja said the decrease in the country’s reserves was to some extent triggered by the Russia-Ukraine war and the Covid-19 pandemic.
Fuel prices have been rising since 2022 and hit record highs in April of the same year in Tanzania.
During the period under review, the price of a litre of petrol in Dar es Salaam stood at Sh2, 861, whereas a litre of diesel was quoted at Sh2,692.
“Like any other country, Tanzania has been spending much of its foreign exchange reserves to buy fuel and wheat since the Russia-Ukraine war has made these products more expensive,” said Mr Mwaipaja.
However, he added, with strategies in place to boost transportation and agriculture sectors, the future is promising.
“We are optimistic these strategies will shore up our foreign exchange reserves.”
An economist from the University of Dar es Salaam, Prof Abel Kinyondo, said the available foreign exchange reserves, which can cover 4.4 months of imports, are a reflection of macroeconomic stability.
“We are talking about 4.4 months. Some countries have no reserves to cover even a single day of imports. The situation is worse out there,” he said.
However, Prof Kinyondo said the 10.9 percent drop in reserves should be a wakeup call for the government to promote exports by beefing up investment in the export processing zone.
“Let us back up our industrial base so that we can export more than we import. This will in turn reduce pressure on demand for US dollars,” he told The Citizen.
Prof Kinyondo also said it is high time the country reduced its dependence on petrol, diesel and kerosene and instead went for alternative energy sources that include gas, solar, wind and thermal power.
Trade and economic expert Nebart Mwapwele said the country’s available foreign exchange reserves suggest that the government took deliberate measures to lessen the effects of external shocks---Covid-19 and Russia-Ukraine war.
“But it should not end there. It is high time the government took measures that will boost reserves,” he recommended.
“We need to promote local production to increase exports. We need to reduce dependence on imports because it is very risky to our economy when there is a crisis of foreign currency that is used for transactions.”
Source: Tanzania's forex reserves down by 10.9 percent
