Dar es Salaam - The Bank of Tanzania (BoT) has maintained its central bank rate (CBR) at 6.0 percent for the third consecutive quarter, indicating continued confidence in the country's economic stability.

The decision was made by the Monetary Policy Committee (MPC) during its meeting on Tuesday, citing stable inflation levels within the target range.

Key Takeaways:

Stable Economic Outlook: The BoT Governor, Emmanuel Tutuba, emphasized that the unchanged rate will ensure adequate liquidity, anchor inflation expectations, and facilitate continued economic growth, projected at around 5.7 percent.
Global Economic Improvement: The MPC noted a significant improvement in global economic conditions in the fourth quarter of 2023, with growth improving, inflation declining, and financial conditions easing.
Domestic Economic Performance: Tanzania's economy demonstrated robust performance in 2023, driven by strong performances in agriculture, transport, construction, and trade.
Inflation Outlook: Inflation is projected to remain low in the first quarter of 2024, at around 3.1 percent and 4.0 percent.

Looking Ahead:

The BoT expects continued economic growth in 2024, with Mainland Tanzania projected to grow at around 6.0 percent and Zanzibar at approximately 6.8 percent.
Key drivers of growth include agricultural production, infrastructure development, and supportive government policies.

Impact:

The unchanged CBR is expected to continue to bring stability to the banking sector.

This summary aims to provide a concise and informative overview of the key points from the original article.

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