About the Bank
The Board of Directors
The Board of Directors of the
Bank of Tanzania (the Bank) is the supreme policy decision making organ in the
institution’s hierarchical structure. Under the Bank of Tanzania Act, 2006 the
Board of Directors is responsible for determining policies of the Bank,
approval of its budget and allocation of profits arising from its operations. In
its functioning, the Board is currently assisted by three Committees. Two of the
Board Committees are statutory creations. These are the Monetary Policy
Committee and Audit Committee. Under the Bank’s statute, the Board reserves
power to appoint other committees as it deems fit. In addition to the statutory
Committees, the Board has delegated some of its functions to the Banking
Supervision Committee.
The Board consists of ten
persons, four of whom are executive directors and two are ex-officio. In
addition, there are four non-executive Directors appointed by the Minister of
Finance. The Governor and Deputy Governors are appointed by the President. The
current composition of the Board of Directors is as follows:
Governor (the Chairman)
three Deputy Governors, Deputy
Chairmen in the order determined by the Governor;
the Permanent Secretary to the
Treasury of the Government of the United Republic and Principal Secretary to the
Treasury of the Revolutionary Government of Zanzibar; and
four non-executive Directors.
The Board consists of persons
knowledgeable or experienced in economics, business and finance, banking,
corporate law, accountancy or other disciplines relevant to the functions of the
Bank. Members of the National Assembly, House of Representatives, Local
Government Authorities, public servants (other than Permanent Secretary
Treasury of the United Republic and the Principal Secretary Treasury of the
Revolutionary Government of Zanzibar), office bearers of any political party,
and directors, employees, consultants or shareholders of banks and financial
institutions in respect of which the Bank may exercise regulatory powers are
disqualified from being Directors of the Bank.
Governor and Deputy Governors
are appointed for a period of five years. Their tenure of office is statutorily
limited to two five year terms. Non-executive Directors are appointed for a
period of three years, and are eligible for a reappointment.
Board meetings are held
regularly as the conduct of business of the Bank requires but not less than once
in every two months. Where there is an urgent matter which cannot await the
convening of a meeting consisting of the requisite quorum, the Chairman may
table such matter at a meeting of the Chairman, and at least two Deputy
Governors and one non-executive Director. Decisions arising out of that meeting
are valid and binding on the Bank but shall be reported to an extra-ordinary
Board meeting immediately thereafter. The decisions of the Board are made by
consensus, failing which decisions shall be reached by casting of votes. In the
event that voting is necessary, Permanent Secretary Treasury of the Government
of the United Republic and Principal Secretary Treasury of the Revolutionary
Government of Zanzibar are not eligible for voting.
The Monetary Policy Committee,
which is a statutory creation, monitors implementation of monetary policy
adopted by the Board. It reviews monthly performance of monetary policy targets
and sets targets for the following month. The composition of this Committee is
provided for in the Bank of Tanzania Act, 2006. It includes the Governor as the
Chairman, Deputy Governors and at least one non-executive Director. The
Committee meetings are held monthly.
The Audit Committee is another
statutory creation whose composition is determined by the Board. Similarly, the
composition of the Banking Supervision Committee is within the discretion of the
Board.
This page was last updated on
26/Jan/2010
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