BabuK
JF-Expert Member
- Jul 30, 2008
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ALMOST all government institutions and parastatals have transferred funds deposited in commercial banks to new accounts at the Bank of Tanzania (BoT) as per directives by the government issued early this year.
The Treasury Registrar, Mr Lawrence Mafuru, explained at the weekend that over 200 public institutions have heeded to the directive save for less than 50 organisations due to a number of reasons including lack of BoT branches in regions they operate.
“Many of the institutions started the process to transfer the funds shortly after the government issued the instruction,” Mr Mafuru explained.
He further noted that in some organisations, the transfer and opening of new accounts require approval by their respective board of directors. ‘’They are just waiting for board meetings according to laid down procedures. The transfer processes have started,” he stated.
The TR explained further that not all public institutions could complete the transfer procedures within the given period due to a number of factors, including the need to have the respective board of directors approve opening of new accounts.
“It should be noted as well that some of the funds by state-owned organisations are deposited in fixed accounts in commercial banks and hence before closing the accounts and transferring the money the individual institutions have to discuss with their banks,” he explained.
The TR, who is the custodian of all government institutions, had set February this year as the deadline for all government departments, agencies and parastatals to close their accounts in commercial banks and transfer the money to new accounts at the central bank.
Mr Mafuru had directed accounting officers in the institutions to open new accounts at nearby branches of BoT and deposit the money there, whether in local or foreign currencies.
Source😀ailyNews
The Treasury Registrar, Mr Lawrence Mafuru, explained at the weekend that over 200 public institutions have heeded to the directive save for less than 50 organisations due to a number of reasons including lack of BoT branches in regions they operate.
“Many of the institutions started the process to transfer the funds shortly after the government issued the instruction,” Mr Mafuru explained.
He further noted that in some organisations, the transfer and opening of new accounts require approval by their respective board of directors. ‘’They are just waiting for board meetings according to laid down procedures. The transfer processes have started,” he stated.
The TR explained further that not all public institutions could complete the transfer procedures within the given period due to a number of factors, including the need to have the respective board of directors approve opening of new accounts.
“It should be noted as well that some of the funds by state-owned organisations are deposited in fixed accounts in commercial banks and hence before closing the accounts and transferring the money the individual institutions have to discuss with their banks,” he explained.
The TR, who is the custodian of all government institutions, had set February this year as the deadline for all government departments, agencies and parastatals to close their accounts in commercial banks and transfer the money to new accounts at the central bank.
Mr Mafuru had directed accounting officers in the institutions to open new accounts at nearby branches of BoT and deposit the money there, whether in local or foreign currencies.
Source😀ailyNews
