| Date |
Event |
|
2005 Jun: |
The government approved and
announced the preferred bidder for National Micro-finance Bank (NMB).
|
| 2005
Jun: |
The G8 Finance Ministers on June
11th 2005 announced a proposal on debt cancellation for highly Indebted
Poor Countries. The proposal envisages 100 percent cancellation of
HIPCs disbursed outstanding debt as at 31st December 2004 due to IMF,
World Bank and African Development Bank. The announcement entails
cancellation of Tanzania debt worth US$ 4.832 billion. |
|
2005 Jun: |
Zanzibar Investment Promotion
Authority (ZIPA) was established as a government focal point for the
promotion and facilitation of investment in Zanzibar. |
| 2005
May: |
Report on Private Capital Flows was
delivered to the Revolutionary Government of Zanzibar. |
|
2005 Mar: |
Zanzibar Business Council was
inaugurated. The Council is under the Chairmanship of the Zanzibar
President. The council’s main objective is to promote development
dialogue and propose common strategies for addressing problems facing
the private sector growth. |
| 2005
Mar: |
Zanzibar Business Council was
inaugurated. The Council is under the Chairmanship of the Zanzibar
President. The council’s main objective is to promote development
dialogue and propose common |
|
2005 Jan: |
Effective 07th January 2005,
TRA commenced operation of the installed Flow Meter Machine. |
| 2005
Jan: |
The East African Community Customs
Union that was ratified by the Partner States in December 2004 commenced
its operations. Under the protocol, trade on goods originating and
traded among the Partner States attracts a zero tariff. A three-band
Common External Tariff (CET) structure of 0%, 10%, and 25% is applied to
goods imported into EAC. A selected list of sensitive items attracts
rates above 25% as an additional protection measure for similar locally
produced products. |
|
2004 Dec: |
Effective end of December 2005, the
government developed and introduced a computerized risk-management
system aimed at expanding customs clearance primarily through reducing
significantly the number of shipments that are physically inspected.
|
| 2004
Dec: |
The East African Legislative
Assembly enacted the East African Community Customs Management Act,
2004. |
|
2004 Nov: |
The National Assembly passed the
National Economic Empowerment act, 2004. Under the act, the government
has resolved to take measures designed to promote and facilitate
economic initiatives aimed at empowering Tanzanians. |
| 2004
Nov: |
Effective 1st November 2004,
National Bureau de Change Limited changed and started using a new name
“Twiga Bancorp Limited. |
|
2004 Oct: |
Kenya Airways was listed in the
Dar-es-Salaam Stock Exchange (DSE) with capitalization of TZS. 84.48
billion. This was the first foreign company to be listed at the DSE.
|
| 2004
Oct: |
Effective 7th October 2004, the
Bank of Tanzania licensed the Bank of Baroda (T) Limited to operate as
fully-fledged commercial bank. |
|
2004 Jun: |
The Government made the following
fiscal policy changes:
- Fixing stamp duty on
cigarette packets sold in Zanzibar, like in Tanzania Mainland.
- Introduced excise duty on
locally manufactured products
|
| 2004
Jun: |
Effective 1st June 2004, Savings
and Finance Limited changed its status from a non-bank financial
institution to a fully-fledged commercial bank. |
|
2004 Mar: |
The Protocol on the Establishment
of the East African Community Customs Union was signed. |
| 2004
Mar: |
Commencement of the National
account Household Budget Survey (HBS) by Office of the Chief Government
Statistician (OCGS). The completion is expected to improve and provide
up to date income levels for the people of Zanzibar and more realistic
poverty indicators and a new CPI for rural and urban areas. This is
expected to reduce weight of food item and hence stabilise the inflation
rate.
|
|
2004 Mar: |
The second and final closing of the
Debt Buyback Scheme took place on March 31st 2004 under which debts
worth US$ 43.8 million, made up of BOTh principal and interest was
retired at a price of 12 cents on a dollar of principal amount tendered.
|
| 2004
Jan: |
President Zanzibar and Chairman of
the Revolutionary Council H.E. Amani Abeid Karume laid down foundation
stone for the construction of the Zanzibar Branch BOT office.
Construction began in February 2004 and completion expected in October
2004 |
|
2003 Jun: |
The President of the Union
Government of Tanzania as empowered in section 134 of the Constitution
of the Union Republic of Tanzania of 1977 (as amended) established the
Joint Finance Commission (JFC) and Joint Finance Bill No 14 of 1996. |
| 2003
May: |
The Chief Government Statistician
reviewed the basis of National Account Database:
- Changed National Account
base year from 1991 to 2001
- Adopted the national
account statistics to internationally accepted standards
|
|
2003 May: |
Effective 21st May 2003, the
Tanzanian Government opened up the Dar es Salaam Stock Exchange (DSE) to
foreign investors. |
| 2003
Mar: |
Effective March, the Bank of
Tanzania started the process of replacing old notes with the new ones
and introduce TZS 2000 denomination into the circulation. |
|
2003 Mar: |
Effective 3rd March, the Delphis
Bank was ordered to stop operations by the Bank of Tanzania and was put
under statutory supervision of the Bank of Tanzania. |
| 2003
Feb: |
The Bank of Tanzania Act
(1995) was amended by the Financial Laws (Miscellaneous Amendments) Act,
2003 to give the Bank general powers on the national payment, clearing
and settlement system matters comprising oversight and regulation of the
National Payment System. |
|
2003 Jan: |
The Government introduced a
Treasury Voucher System for those exempted from paying taxes. This
system will allow organizations and institutions benefiting from tax
exemptions to receive a Treasury Voucher and present it to Tanzania
Revenue Authority. |
| 2002
Oct: |
The Ministry of Finance issued
additional non-marketable stocks into marketable securities worth TZS
90.0 billion. |
|
2002 Aug: |
The Bank of Tanzania on behalf of
the Government launched a 10-year Treasury bond with a fixed coupon rate
of 7.75 percent. |
| 2002
Jul: |
The Ministry of Finance issued
additional unsecuritized domestic debts worth TZS 20.0 billion to be
converted into marketable securities. |
|
2002 Jul: |
The Bank of Tanzania on behalf of
the Government launched a 7-year Treasury bond with a fixed coupon rate
of 7.75 percent. |
| 2002
Jul: |
The Bank of Tanzania established an
Export Credit Guarantee Scheme (ECGS) to hasten the provision of credit
to the export sector, notably non-traditional exports in order to
augment efforts towards increased export earnings. |
|
2002 Jul: |
Effective 17th July, the Bank of
Tanzania licensed the Kagera Farmers Cooperative Bank Ltd stationed in
Bukoba to operate as fully-fledged commercial bank. |
| 2002
Jun: |
The Bank of Tanzania licensed
African Bank Corporation (former ULC), effective from 3rd June as a
commercial bank. |
|
2002 May: |
The Bank of Tanzania in
collaboration with the Ministry of Finance, converted unsecuritized
domestic debts worth TZS 20.0 billion into marketable securities.
|
| 2002
May: |
Effective 29th May, the Bank of
Tanzania reinstated the 35-days Treasury bill to cater for monetary
policy implementation in the country. |
|
2002 May: |
Effective 15th May, the Bank of
Tanzania licensed as a non bank, The Dar es Salaam Community Bank, and
Tanzanians especially Dar Es Salaam residents were encouraged to acquire
shares. |
| 2002
May: |
Effective 10th May, the Bank of
Tanzania licensed United Bank of Africa as a commercial bank.
|
|
2002 Apr: |
The Bank of Tanzania changed the
2-year Treasury bond auctions from uniform prices to multiple prices.
|
| 2002
Apr: |
Effective 15th April, the Bank of
Tanzania licensed CF Union Bank Ltd (a merger of then Furaha Finance and
Crown) as a commercial bank. |
|
2002 Mar: |
Effective 1st March, the Bank of
Tanzania established a Bank of Tanzania Electronic Clearing House (BOTECH)
system at the Dar es Salaam Clearing House, targeted at enhancing the
check processing speed, minimizing errors and acts of fraud in the
inter-bank transactions. Also, the Magnetic Ink Character Recognition (MICR)
equipment for processing paper instruments and generation of electronic
files was commissioned to be used by the Electronic Clearing House and
the Central Banking System (CBC) at three sites of Dar es Salaam, Mwanza
and Arusha. |
| 2002
Feb: |
The Bank of Tanzania on behalf of
the Government launched a 5-year Treasury bond with a fixed coupon rate
of 7.5 percent, which is traded in the Dar Es Salaam Stock Exchange (DSE).
|
|
2002 Jan: |
The Paris Club Creditors met on
January 17, 2002 and agreed to offer debt relief under Cologne Stock
Terms by cancelling 90 percent stock of their debts amounting to US$ 737
million in net present value terms or US$ 1.0 billion in nominal terms.
This was part of HIPC Initiative. |
| 2001
Nov: |
Tanzania fulfilled all the
conditions and managed to reach HIPC Floating Completion Point in
November 2001, that was 15 months ahead of originally scheduled time of
36 months.
|
|
2001 Jun: |
The first closing of the Tanzania
debt buyback operation took place on 6th June with debt worth about US$
155.7 million (principal
and interest) being retired, utilizing about US$ 7.2 million from the
grant. The first closing of the operation represents an important step
towards the implementation of the Government’s debt reduction strategy. |
| 2001
May: |
The Management of Risk Assets
Regulations, 2001 came into effect on 1st May 2001 and repealed “The
Guidelines on Management of Risk Assets, Classification of Loans and
Other Risk Assets, Provisioning for Losses and Accrual of Interest”
issued on 18th October 1991. |
|
2001 May: |
The Credit Concentration and Other
Exposure Limits Regulations, 2001 came into effect on 1st May 2001 and
repealed “The Guidelines on Concentration of Credit and Other Exposure
Limits” issue on 22nd December 1992. |
| 2001
May: |
The Capital Adequacy Regulations,
2001 became effective on 1st May 2001 and repealed “Guidelines for
Measuring Capital Adequacy” issued on 1st October 1993 and the Addendum
to Circular No. 3 on Capital Adequacy issued on 27th March 1996.
|
|
2001 Feb: |
The Government launched a national
micro-finance policy on 2nd February that lays out the principles of
upgrading services through efficient and effective micro-finance
systems. |
| 2001
Jan: |
Effective 1st January the petroleum
sector was fully and effectively liberalized and the Government stopped
extending subsidies to Tanzania Petroleum Development Corporation (TPDC).
|
|
2001 Jan: |
On 15th January, the Heads of State
of Tanzania, Kenya and Uganda, formally inaugurated the East African
Community (EAC) at the Sheikh Amri Abeid Karume Stadium Arusha.
|
| 2000
Oct: |
Effective October 1st Tanzania
pulled out of Common Market for East and Southern Africa (COMESA).
|
|
2000 Oct: |
The Bank of Tanzania licensed
Mwanga Community Bank to operate as a community bank. |
| 2000
Oct: |
Effective 19th October, the Bank of
Tanzania licensed Barclays Bank (T) Ltd. |
|
2000 Sep: |
The Publication of Financial
Statements Regulations, 2000 was officially made operational on 1st
September 2000. |
| 2000
Sep: |
The Liquid Assets Ratio
Regulations, 2000 became effective on 1st September 2000. |
|
2000 Sep: |
Effective on 1st September
|
| 2000: |
the Independent Auditors
Regulations 2000 became operational. |
|
2000 Sep: |
Circular No. 8: The Money
Laundering Control aimed at guiding banks and financial institutions on
uncovering, reporting and controlling money laundering became effective
on 1st September, 2000. |
| 2000
Jul: |
Bank of Tanzania shifted from
targeting extended broad money (M3) as a monetary policy intermediate
target to broad money (M2). |
|
2000 Jul: |
Bank of Tanzania shifted from
calculation of average interest rates to weighted average interest
rates. |
| 2000
May: |
The Bank of Tanzania took
over the management of 1st Adili Bancorp on 15th of May due to its poor
performance and shareholders inability to inject more capital in the
bank to cover for the heavy losses sustained in its operations.
|
|
2000 Apr: |
Agreed minute was signed on 14th
April in relation to Tanzania’s qualification for Paris Club VI
rescheduling arrangement. Under this arrangement Tanzania will be
treated under Cologne terms, which provide cancellation of 90 percent of
the debt service due up to the Completion Point of the enhanced HIPC
Initiative. |
| 2000
Mar: |
Tanzania at end March reached a
Decision Point and qualified for consideration of additional debt relief
under HIPC Program, after the IMF approved Tanzania’s three year Poverty
Reduction and Growth Facility (PRGF). |
|
2000 Jan: |
Effective January 15, 2000 the
Minimum Reserve Requirement was set at 10 percent of total deposit
liabilities (including foreign currency deposits) plus 50 percent of
vault cash excluding deposit in the clearing account. |
| |
|
|
1997 Apr: |
On 11th April, New Banking and Financial Institutions Regulations were
gazetted and published following the review of the Licensing procedures. |
| 1997
Jun: |
Effective 1st June, the Operations and Accounting Manuals for the BoT
branches were completed and put into operation |
|
1997 Jan: |
On January 21st, representatives of the United Republic of Tanzania
met with the Paris Club creditors in Paris to consider debt relief for Tanzania.
The creditor countries agreed to recommend to their governments a treatment
providing for debt reduction of up to 67 percent in net present value terms, in
line with the Naples Terms agreed in December 1994. |
| 1997
Feb: |
On February 20, the Government issued an order to harmonize customs
tariffs between Mainland and Zanzibar for selected items. The order became
effective following the publication of the Customs Tariff (Amendment) Order
signed by the Minister for Finance Hon. Daniel Yona in the Government Gazette of
January 24. The order could not be effected earlier due to delays in the
publication of the customs tariff amendments. The harmonized customs, excise,
sales tax, and COMESA tariffs will be applied to rice, cooking oil, wheat flour,
sugar, khanga, and vitenge. |
|
1997 Mar: |
Effective 1st March, through circular no.1, Reserves against Deposits
and Borrowings was amended. Minimum Cash Reserve Ratio (MCRR), was raised from
6.0 percent to 12.0 percent and included cash in vaults as part of available
reserves. |
| 1997
Mar: |
On 10th March 1997 a new family of bank notes with a motif of a head
of Giraffes for the TZS 500/=, 1,000/=, 5,000/= and 10,000/=. denominations were
released into circulation. |
|
1997 Apr: |
Effective 1st April, Tellers functions were transferred from currency
Dept. to the Banking Department for the purpose of improving operational
efficiency. Hence, the "Tellers Cash Section" (Tellers Section and
Intermediate Vault Section), is now administered by the Banking Department. |
| 1997
Apr: |
From 7-9th April, 10th Conference of Financial Institutions was held
at AICC- Arusha. |
|
1996 Jul: |
On July 15, the obligations of Article VIII Section 2, 3, and 4 of the IMF's Articles of Agreement were accepted by the Government. |
| 1996
Sep: |
Effective 1st September, through circular no.5, new BoT report form
16-4 (a) on Foreign Exchange Exposure and Placements, Purchases, Sales, and
Balances was introduced, now submitted to BoT on monthly basis. |
|
1996 Nov: |
On November 8, the Government reached an agreement with the IMF for an
ESAF programme covering 1996/97 - 1998/99. Under this programme the Fund will
make available a total of SDR 161.6 million, ( about USD 240.0 million) to be
disbursed in six equal instalments, within three years. |
| 1997
Jan: |
On 15th January 1997, a TZS 50/= coin was released into circulation. |
|
1997 Jan: |
Effective January 20, the Minimum Cash Reserve Ratio (MCRR), was
reduced from 12.0 percent to 6.0 percent whereby cash in vaults was excluded
from available reserves. |
| 1996
May: |
From May 15, the BOT began using 91-day Treasury Bills as instrument
of liquidity management under this system the proceeds from its sale are
sterilised in a blocked BOT account, with the BOT paying the interest. |
|
1996 Jul: |
The central payment system was introduced in five ministries. |
| 1996
Jul: |
The Tanzania Revenue Authority (TRA) was established, in a bid to
improve tax administration |
|
1996 Jul: |
From July 1, the credit ceiling on commercial banks' lending was
abolished. |
| 1996
Jul: |
From July 1, the Government reintroduced a 2.0 percent tax on
Traditional Exports. |
|
1996 Jul: |
On July 1, the 10.0 percent withholding tax on income from Treasury
Bills and deposits was abolished. |
| 1996
Apr: |
On April 1, the entitlement of commercial banks to hold up to 50
percent of their Statutory Minimum Reserve in Treasury Bills was abolished. |
|
1996 Apr: |
Effective April 1, the Minimum Reserve Requirement was decreased from
18.0 percent to 12.0 percent (all deposit liabilities, excluding foreign
currency deposits) with; vault cash as part of the Minimum Reserve Requirement. |
| 1996
Jan: |
The government adopted the cash budget system to control inflationary
spending and reduce budget deficits. |
|
1995 Nov: |
Effective 9th November, every bank and financial institution was
required to determine and report on foreign exchange purchases, sales, maximum
net open position, and average balances on weekly basis to the Bank. |
| 1995
Oct: |
On 20th October, Minimum Reserve Requirements (MRR), was reduced from
18 percent to 12 percent of the outstanding balance of shilling deposits and
borrowings from the general public. The reserves were to consist of balances in
the Statutory Minimum Reserve (SMR) account maintained with the Bank and cash in
vaults. |
|
1995 Sep: |
On September 20, commercial banks were allowed to hold up to 50.0
percent of their Statutory Minimum Reserve requirements in Treasury Bills. This
measure was aimed at enhancing financial intermedation in the economy and
improve liquidity position of Commercial banks. |
| 1995
Aug: |
The liquid asset ratio was abolished with effect from August 24. |
|
1995 Aug: |
Beginning 23rd August, the requirement that banks and financial
institutions should maintain liquidity assets not less than 20 percent of
shillings deposit liabilities and borrowing from the public and other demand
liabilities was lifted. Banks and financial institutions were required to
maintain adequate liquid assets for meeting their normal requirements and the
demands of their depositors and creditors. |
| 1995
Aug: |
On 4th August, the Tanzania Housing Bank's (THB) Board of Directors,
under section 27(1) of the Act No. 34 of 1972, which established that bank,
decided to wind up the operations of the bank, putting the bank under
liquidation. |
|
1995 Aug: |
Beginning 1st August 1995, all banks and financial institutions were
required to publish quarterly financial statements and audited annual financial
statements in newspapers that circulate widely in Tanzania. |
| 1995
Jul: |
The Bank of Tanzania Act (1995), became effective on July 1. The Act
was passed by the National Assembly on February 17, 1995 empowering the BOT with
a single policy objective of price stability |
|
1995 Jun: |
Effective June 1, the Minimum Reserve Requirement was increased from
15.0 percent to 18.0 percent (all deposit liabilities, excluding foreign
currency deposits); vault cash counts towards meeting the Minimum Reserve
Requirement. |
| 1995
Apr: |
On 1st April, the Bank of Tanzania took over the management of Meridien Biao Bank Tanzania Limited (MBBTL), following the financial problems
facing the Meridien Group. |
|
1995 Mar: |
On March 8, the Capital Market and Securities Authority was
inaugurated by the Finance Minister, Hon. Jakaya Kikwete, at BOT Headquarters |
| 1995
Jan: |
On January 25, the Bank of Tanzania introduced the TZS 10,000 and TZS
5,000 notes. |
|
1995 Jan: |
Effective January 2, the Minimum Reserve Requirement was increased
from 12.0 percent to 15.0 percent (all deposit liabilities, excluding foreign
currency deposits); vault cash counts towards meeting the Minimum Reserve
Requirement. |
| 1994
Dec: |
The surrender requirement on earnings on coffee exports was lifted. |
|
1994 Dec: |
The 35-day Treasury Bill were discontinued from Treasury Bill
Auctions; with effect from 7 Dec. |
| 1994
Dec: |
On December 14, 364-day Treasury
Bill was introduced in Treasury Bill Auctions. |
|
1994 Oct: |
Effective October 28, calculation of the Discount Rate was determining
on the basis of the weighted average of T-Bill Auction yields for all
maturities. |
| 1994
Sep: |
Effective September 1, the Minimum Reserve Requirement was increased
from 8.0 percent to 12.0 percent (all deposit liabilities, excluding foreign
currency deposits); from that date, vault cash was included in determining the
Minimum Reserve Requirement. |
|
1994 Aug: |
The minimum interest rate on 12 month fixed deposits was abolished.
Before, the rate had to be positive in real terms. |
| 1994
Jun: |
On June 20, the daily Inter Bank Foreign Exchange Market was
introduced to replace the weekly foreign exchange auctions. |
|
1994 Jun: |
As part of the foreign exchange policy, surrender requirements on
proceeds from traditional crops (except coffee) were abolished. |
| 1994
Apr: |
Effective April 1, the Minimum Reserve Requirement was decreased from
10.0 percent to 8.0 percent (all deposit liabilities, including, for the first
time, foreign currency deposits). |
|
1994 Feb: |
On February 3, 182-day Treasury Bill was introduced in the Treasury
Bills Market. |
| 1994
Jan: |
On January 27, the Discount Rate, the rate at which the BOT
accommodates commercial banks on short-term basis, wasincreased, effective
January 27, from 27.0 percent to 50.0 percent per annum. Thereafter, the rate,
was to be adjusted biweekly, on the basis of marginal yields in the auctions of
the 91-day Treasury Bill. |
|
1994 Jan: |
The Capital Market and Securities Act was enacted. |
| 1993
Dec: |
On December 1, to restrain credit expansion, the BOT raised the
Minimum Reserve Requirement from 4.0 percent to 10.0 percent, (all deposit
liabilities, excluding foreign currency deposits), effective December 1. The
reserve requirement earlier had earlier in 1993, been raised from 3.0 to 4.0
percent. |
|
1993 Sep: |
On September 2, 35-day Treasury Bill was introduced for Treasury Bill
Auctions. |
| 1993
Aug: |
On August 5, the Bank of Tanzania commenced Treasury Bill Auctions
with 91-day Bills on the 5th of August, as a tool for financing short term
government debt, an instrument of liquidity management, and as a reference point
for the determination of market interest rates. |
|
1993 Aug: |
On August 2, the exchange rate system was tied to the official
exchange rate set at the level of the weighted average Bureaux rate. |
| 1993
Aug: |
On August 1, there was a unification of Bureaux and official exchange
rates undertaken by the Bank of Tanzania. Thereafter, forex auctions were
extended to also include commercial banks. |
|
1993 Jul: |
On July 1, the BOT removed the maximum lending rate of 31.0 percent
for commercial banks as a step towards the liberalization of interest rates. |
| 1993
Jul: |
The Bank of Tanzania began the auctioning of foreign exchange as a
tool for both liquidity management and the determination of market-based
exchange rates. |
|
1993 Jun: |
Abolition of surrender requirements on non-traditional exports. |
| 1993
Jun: |
Issuance of BOT certificates of deposit as part of a contractionary
monetary policy. |
|
1993 Apr: |
Inception of the Bureaux de Change markets as an effort of foreign
exchange liberalisation. |
| 1993: |
Import licensing was abolished, except for those goods on the required to
fill the Import Declaration Form for statistical and customs clearing purposes.
The requirement for exporters to register with the BOT and to obtain a licence
from the Board of External Trade was eliminated. The list of goods subject to
export permits by individual ministries was cut sharply to only those, which the
government wishes to control for the purpose of preserving Tanzania's national
heritage. |
|
1992 Mar: |
Enactment of the Foreign Exchange Act, 1992, replacing the Exchange
Control Ordinance (which was not compatible with the dynamic macroeconomic
policies adopted under ERP). Individuals were allowed to hold foreign currency
and maintain foreign exchange accounts at commercial banks within Tanzania. |
| 1986
Jul: |
The government launched a
comprehensive Economic Recovery Programme (ERP) to:
a) improve macroeconomic management
b) tackle the underlying structural weaknesses and
c) encourage more active private sector participation in the economy. The
programme involved policies designed to: i) increase output; ii) reduce inflation
and ii) improve balance of payments. |