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BANK OF TANZANIA
MONTHLY
ECONOMIC
REVIEW
December 2023
Contents
1.0 Global Economic Situation .................................................................................................................. 1
2.0 Domestic Economic Performance....................................................................................................... 1
2.1 Inflation .......................................................................................................................................... 1
2.2 Money and Credit ........................................................................................................................... 3
2.3 Interest Rates ................................................................................................................................. 4
2.4 Financial Markets ........................................................................................................................... 4
2.5 Government Budgetary Operations ................................................................................................ 6
2.6 Debt Developments ........................................................................................................................ 6
2.7 External Sector Performance ......................................................................................................... 8
3.0 Economic Performance in Zanzibar .................................................................................................. 11
3.1 Inflation ....................................................................................................................................... 11
3.2 Government Budgetary Operations .............................................................................................. 11
3.3 External Sector Performance ..................................................................................................... 12
Statistical Tables ....................................................................................................................................... 14
Glossary .................................................................................................................................................... 27
i
East African Community (EAC) and the Southern
1.0 Global Economic
African Development Community (SADC)
Situation
benchmarks (Chart 2.1.1, Chart 2.1.2, and Table
During November 2023, the global economic 2.1.1). Core inflation recorded an increase for five
outlook continued to face downside risks of consecutive months, rising to 2.6 percent from 2.5
economic shocks, heightened by geopolitical percent in the preceding month (Chart 2.1.1 and
tensions stemming from the conflict in the Middle Chart 2.1.3).
East. Inflation levels, though still above the target
in most countries, have recently shown a declining Inflation is projected to remain within the target in
trend on the back of decreasing energy prices. the near term, supported by moderation in food
However, the ongoing geopolitical tensions are prices owing to adequate food supply in the market
likely to lead into disruptions in energy markets and and easing inflation in Tanzania’s major trading
exert pressure in oil and food prices—further partners. Notwithstanding, risk of inflationary
fuelling inflation. pressure is imminent in case geopolitical tensions
continue and OPEC+ maintain the stance of oil
2.0 Domestic Economic production cut.
Performance
Monetary Policy Committee Deliberation Table 2.1.1: Inflation Developments
Base: 2020 = 100
The Monetary Policy Committee (MPC) met on 18th Main groups
Month-to-month inflation
Weight Nov-22 Oct-23 Nov-23
Annual inflation
Nov-22 Oct-23 Nov-23
December 2023, to review the conduct of monetary Food and non-alcoholic beverages 28.2 1.2 -0.5 0.4 9.2 4.5 3.7
Alcoholic beverages and tobacco 1.9 0.0 -0.1 0.7 0.8 3.5 4.1
policy and performance of the economy. The MPC Clothing and footwear 10.8 0.2 -0.1 0.5 2.1 3.0 3.3
Housing, water, electricity, gas and other fuels 15.1 -0.4 -0.2 1.4 2.8 1.0 2.8
noted with satisfaction the measures implemented by Furnishings, household equipment and routine
household maintenance 7.9 0.2 0.0 0.4 4.0 3.4 3.6
the Bank of Tanzania in addressing the shortage of Health 2.5 0.3 0.0 0.0 1.5 1.7 1.4
foreign currency and observed that the implementation Transport 14.1 0.1 0.3 0.0 6.1 3.1 2.9
Information and communication 5.4 0.3 -0.2 0.1 1.2 1.4 1.3
of policies by the Government to increase export and Recreation, sports and culture 1.6 0.0 0.1 0.6 2.0 2.8 3.4
Education services 2.0 0.0 0.0 0.0 0.7 3.5 3.5
import substitution will improve the current account Restaurants and accommodation services 6.6 0.5 0.1 0.1 2.6 4.9 4.5
position, boost foreign exchange reserves, and Insurance and financial services 2.1 0.0 0.0 0.1 -0.2 0.6 0.6
Personal care, social protection and
stabilize the exchange rate. The MPC also applauded miscellaneous goods and services 2.1 0.2 -0.2 0.2 2.3 3.6 3.5
All items-(headline inflation) 100.0 0.4 -0.2 0.4 4.9 3.2 3.2
the achievement of targets outlined in the national Other selected groups
Core 73.9 0.1 -0.1 0.2 2.7 2.5 2.6
economic programs, including the IMF-supported Non-core 26.1 1.3 -0.4 1.3 11.3 5.0 5.0
Extended Credit Facility. Energy, fuel and utilities 5.7 -0.9 -0.1 3.5 7.7 0.8 5.3
Services 37.2 0.2 0.0 0.0 2.7 2.7 2.6
Goods 62.8 0.5 -0.2 0.8 6.1 3.4 3.7
Education services and products ancillary to
Additionally, the MPC noted with satisfaction the education 4.1 0.0 -0.1 0.1 1.6 3.1 3.2
progress made by the Bank of Tanzania in adopting a All items less food and non-alcoholic beverages 71.8 0.1 0.0 0.5 3.1 2.6 3.0
Source: National Bureau of Statistics and Bank of Tanzania

new monetary policy framework— the interest rate or
computations
price-based monetary policy, set to take effect from
January 2024. The new framework emphasizes the Chart 2.1.1: Twelve-month Inflation
use of interest rates to manage inflation and promote Percent
economic growth. Headline Food Non-food Core
12
In the context of the expected low inflationary
environment and improving business conditions, the 10
MPC decided to sustain the implementation of a less

8
accommodative monetary policy in December 2023.
This conclusion was also reached after considering the 6
global economic condition.
4
2.1 Inflation 0
Mar-21
Mar-22
Mar-23
Jul-21
Jul-22
Jul-23
Nov-20
Nov-21
Nov-22
Nov-23
Inflation stabilized at 3.2 percent in November

Source: National Bureau of Statistics and Bank of Tanzania
2023, and remained within the country target, the computations
1
Chart 2.1.2: Twelve-month Inflation and Targets Chart 2.1.4: Annual Change in Wholesale Prices of
Percent Selected Food Crops
Headline inflation Country target EAC Benchmark
SADC-Lower bound SADC-Upper bound a. Staple Food Crops
9 Percent
8 Maize Rice Beans
125
7
6 100
5 75
4
50
3
2 25
1 0
0
-25
Feb-23
Feb-22
May-22
May-23
Aug-22
Aug-23
Nov-21
Nov-22
Nov-23
-50
Source: National Bureau of Statistics and Bank of Tanzania -75
Mar-21
Mar-22
Mar-23
Jul-21
Jul-22
Jul-23
Nov-20
Nov-21
Nov-22
Nov-23
Computations
Source: Ministry of Investment Industry and Trade, and Bank of

Chart 2.1.3: Contribution to Overall Inflation Tanzania computations
Percent
Core Unprocessed food Energy Headline
6
b. Alternative Food Crops
5 Percent
0.4 0.4 0.4 0.4 0.3
0.0
4 Sorghum Round potatoes Finger millet
50
0.0
2.5 2.7 0.1
2.6 2.7 2.8 0.0 0.3
3 2.9 40
2.6
2.3 1.8 1.7 1.6 1.3 1.1
2 30
20
1 2.0 1.8 1.9 1.8 1.7 1.6 1.7 1.8 1.9
1.4 1.5 1.2 1.5
10
0 -0.1 0.0 0.0
0
-1
-10
Feb-23
Mar-23
May-23
Jan-23
Jun-23
Oct-23
Nov-22
Dec-22
Apr-23
Nov-23
Jul-23
Aug-23
Sep-23
-20
Source: National Bureau of Statistics and Bank of Tanzania -30

Mar-21
Mar-22
Mar-23
Nov-20
Nov-21
Nov-22
Nov-23
Jul-21
Jul-22
Jul-23
computations
Following availability of adequate food supply in the Source: Ministry of Investment Industry and Trade, and Bank of
Tanzania computations
market, food inflation remained on a downward path,
easing to 3.7 percent from 4.5 percent recorded in
Table 2.1.2: Wholesale Prices of Selected Food
the preceding month.
Crops
TZS per 100kg
Food crop Jul-23 Aug-23 Sep-23 Oct-23 Nov-23
Prices of selected food crops exhibited a varied Maize 100,292.2 97,692.8 95,861.1 89,044.2 87,941.0
Rice 252,907.4 247,078.1 257,779.9 264,237.2 270,929.9
pattern, with decreases observed in maize and Beans 264,633.3 258,703.7 260,427.4 264,081.2 270,459.4
Sorghum 145,815.1 126,492.5 134,317.9 135,130.7 131,307.7
sorghum prices, and increases noted in the prices of
Round potatoes 103,741.3 82,278.9 84,003.4 82,331.8 88,450.0
rice, beans, round potatoes, finger millet, and wheat Finger millet 160,245.3 164,931.0 159,959.5 156,960.5 158,328.2
Wheat 180,686.8 176,353.7 178,267.1 183,301.3 186,314.1
(Table 2.1.2). Notwithstanding, a year-on-year Source: Ministry of Investment Industry and Trade, and Bank
of Tanzania computations
analysis unveils an overall declining trend in the
prices of the selected food crops (Chart 2.1.4).
The stock of food held by the National Food
Reserve Agency (NFRA) decreased to 244,223
tonnes from the level recorded in the preceding
month following the sale of 66 tonnes of maize
during the month (Table 2.1.3).
2
Table 2.1.3: Food Stocks Held by National Food Chart 2.2.1: Developments in Money Supply
Reserve Agency
M3 money stock (LHS) M3 growth (RHS)
Tonnes
50,000 25
Period 2019 2020 2021 2022 2023

Jan 40,000 20
93,037 43,597 110,398 207,899 124,736
Feb 85,525 41,231 110,389 203,297 106,881
Billions of TZS
30,000 15
Percent
Mar 78,336 39,597 109,231 200,626 80,123
Apr 68,748 38,053 109,231 190,366 63,808 20,000 10
May 68,058 38,291 108,284 149,402 51,367

10,000 5
Jun 67,336 52,725 107,384 141,576 46,665
Jul 67,410 90,255 107,384 140,695 94,088 0 0
Mar-23
Feb-23
May-23
Jan-23
Jun-23
Apr-23
Nov-22
Dec-22
Jul-23
Oct-23
Nov-23
Aug-23
Sep-23
Aug 68,407 92,991 123,635 144,410 210,020
Sep 61,711 109,733 150,057 149,044 244,169
Source: Bank of Tanzania and banks
Oct 55,853 110,895 192,408 151,794 244,289 Note: LHS denotes left hand scale; and RHS, right hand scale
Nov 52,727 110,289 209,057 147,401 244,223
Dec 52,498 110,398 214,968 137,655
Source: National Food Reserve Agency Table 2.2.1: Money Supply and Its Main Components
Outstanding stock (Billion of TZS) Annual growth (%)
Nov-22 Oct-23 Nov-23 Nov-22 Oct-23 Nov-23
Domestic fuel prices were generally stable relative Net foreign assets 7,805.8 9,380.5 9,970.8 -38.6 14.9 27.7
Bank of Tanzania 9,284.7 9,986.2 10,644.3 -28.9 4.3 14.6
to the preceding month save for kerosene that Banks -1,478.9 -605.7 -673.5 --- --- ---
Net domestic assets 30,529.7 33,575.4 33,614.1 43.3 11.7 10.1
portrayed an upward path (Chart 2.1.5). Domestic claims 38,404.1 43,884.1 44,525.8 29.4 16.3 15.9
o/w Securities held by banks 7,789.6 8,979.3 8,651.5 16.6 16.4 11.1
Claims on the private sector 26,938.6 31,216.4 31,872.6 22.6 17.9 18.3
Chart 2.1.5: Domestic Prices of Petroleum Products Other items (net) -7,874.5 -10,308.7 -10,911.8 -5.9 34.3 38.6
TZS per litre Extended broad money (M3) 38,335.5 42,955.9 43,584.9 12.7 12.4 13.7
Foreign currency deposits 8,431.1 9,496.3 10,148.5 17.2 13.0 20.4
Petrol Diesel Kerosene White products Broad money supply (M2) 29,904.4 33,459.6 33,436.4 11.4 12.2 11.8
Other deposits 11,430.6 12,891.0 13,149.6 21.3 14.6 15.0
Narrow money supply (M1) 18,473.8 20,568.6 20,286.8 6.1 10.7 9.8
4,000
Currency in circulation 5,684.1 6,316.8 6,373.1 13.8 10.1 12.1
3,600 Transferable deposits 12,789.7 14,251.8 13,913.7 3.0 11.0 8.8
3,200 Source: Bank of Tanzania, banks, and Bank of Tanzania
2,800 computations
2,400 Note: “---” denotes a change that exceeds 100 percent; and
o/w, of which
2,000
1,600
1,200 Though exhibiting a downward declining path,
800
400
private sector credit growth remained robust,
0
growing at 18.3 percent in November 2023—above
Nov-20
Nov-21
Nov-22
Nov-23
Mar-21
Mar-22
Mar-23
Jul-21
Jul-23
Jul-22
the target of 16.4 percent set by the end of

Source: National Bureau of Statistics December 2023. The registered growth was
Note: White products stands denote average world market
oil prices however, below the rate of 22.6 percent registered
in November 2022 (Table 2.2.1 and Chart 2.2.2).
2.2 Money and Credit The performance reflects high demand for new
loans consistent with the growth of economic
The extended broad money supply (M3) grew by
activities supported by an increasingly favorable
13.7 percent in November 2023, compared with
business environment.
12.4 percent in the preceding month and 12.7
percent in the corresponding month in 2022 (Chart
In November 2023, agricultural activities continued
2.2.1 and Table 2.2.1). The growth was relatively
to record the highest growth of credit, at 38.9
lower compared to the levels registered in the
percent, followed by transport and communication
preceding eight months driven by a slowdown in
at 25.3 percent (Table 2.2.2). Personal loans
private sector credit growth.
3
remained dominant in the share of outstanding corresponding period in 2022. The negotiated
credit, accounting for 37.6 percent, followed by lending rates remained almost unchanged, around
trade, at 13.7 percent (Chart 2.2.3). 13 percent. On the contrary, the overall deposits’
rates edged to 7.64 percent from 7.05 percent in
Chart 2.2.2: Credit to Private Sector October 2023 and 7.28 percent recorded in similar
Stock of credit to the private sector (LHS) Credit growth (RHS)
34,000 25
period in 2022. Meanwhile, the negotiated deposit
rates remained almost unchanged at around 9
27,200 20
percent. The spread between one-year interest

Billions of TZS
20,400 15
Percent
rates narrowed to 6.47 percentage points from
13,600 10
8.13 percentage points in November 2022,
6,800 5 signalling the decline in the cost of borrowing in the
0 0
market.
Feb-23
Mar-23
Jan-23
May-23
Jun-23
Oct-23
Nov-22
Dec-22
Apr-23
Nov-23
Jul-23
Aug-23
Sep-23
Source: Bank of Tanzania and banks Table 2.3.1: Lending and Deposit Interest Rates
Note: LHS denotes left hand scale; and RHS, right hand scale Percent
Nov-22 Apr-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23
Savings deposit rate 1.61 1.60 1.66 1.68 1.68 1.69 2.45 2.56
Table 2.2.2: Annual Growth of Credit to Overall lending rate 16.08 15.91 16.02 15.56 15.73 15.53 15.49 15.38
Selected Economic Activities Short-term lending rate
(Up to 1 year) 16.90 16.55 17.10 16.30 17.01 16.07 15.93 15.63
Percent Negotiated lending rate 13.95 13.65 13.11 13.19 13.31 13.37 13.26 13.29
Nov-22 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Overall time deposit rate 7.28 6.79 7.08 6.85 6.91 6.85 7.05 7.64
Agriculture 54.1 46.4 52.4 55.5 34.6 38.9 12-months deposit rate 8.77 7.70 8.68 8.70 8.93 8.98 9.00 9.16
Negotiated deposit rate 9.50 9.46 8.82 9.08 9.04 9.29 9.24 9.15
Transport and communication 9.9 22.2 11.0 15.0 14.3 25.3
Short term interest spread 8.13 8.84 8.42 7.60 8.08 7.09 6.93 6.47
Building and construction 18.1 26.1 30.5 22.6 37.3 23.3
Source: Banks and Bank of Tanzania computations
Personal 27.1 20.1 19.4 20.7 20.5 20.4
Mining and quarrying 48.6 2.3 24.0 33.4 14.3 17.6
Manufacturing 27.8 7.9 2.3 -0.7 12.0 15.3
Trade 24.8 18.7 22.9 20.0 7.1 -0.4
Hotels and restaurants -5.2 1.4 1.6 -3.3 -4.2 -0.9 2.4 Financial Markets
Source: Banks and Bank of Tanzania computations
Government Securities Market
Chart 2.2.3: Share of Outstanding Credit to Selected
Economic Activities The primary market for government securities
Percent
Personal Trade continued to perform below the plan, following the
Agriculture Manufacturing
Building and construction Transport and communication
Other services increase in economic activities as the economy
4.4
4.5
4.5
4.4
4.4
4.5
4.5
4.4
4.5
4.4
4.5
4.4
4.4
4.3
4.5
4.5
4.5
4.7
4.3
4.6
4.4
4.6
4.4
4.7
4.6 recovers, providing an alternative avenue for
4.6
10.1 10.0 9.7 9.9 9.8 9.6 9.4 9.6 9.4 9.2 9.2 9.7 9.6
investment. In November 2023, the Bank
8.7 8.6 8.7 8.7 8.7 8.8 9.1 9.5 9.8 10.1 10.4 9.8 10.0
16.7 16.8 16.0 16.0 15.9 16.2 16.0 16.3 15.4

conducted two Treasury bills auctions with a
15.4 15.6 14.1 13.7
combined tender size of TZS 325.6 billion to cater

38.0 38.2 38.8 38.8 38.3 38.6 38.9 37.5 37.4 37.5 38.1 38.1 37.6
for government financing needs and liquidity
management. Both auctions were
Mar-23
Feb-23
Jan-23
May-23
Jun-23
Oct-23
Apr-23
Nov-22
Dec-22
Nov-23
Aug-23
Sep-23
Jul-23
undersubscribed, attracting bids amounting to TZS

115.7 billion. Bids worth TZS 110.3 billion were
successful. The weighted average yield increased
2.3 Interest Rates to 9.34 percent, from 8.43 percent in the preceding
month (Chart 2.4.1).
The average lending rate, stood at 15.38 percent in
November 2023, decreasing from 15.49 percent in
the previous month and 16.08 percent in the
4
Chart 2.4.1: Performance in Treasury Bills Market Chart 2.4.2: Interbank Cash Market Transactions
Offer (LHS) Tender (LHS) Overnight (LHS) Other transactions (LHS)
Sucessful bids (LHS) Overall WAY (RHS) 8 to 14 days (LHS) 2 to 7 days (LHS)
1,000 10
Overnight interbank rate (RHS) Overall Interbank cash market rate (RHS)
900 9
800 8 3,500 7
700 7 3,000 6
Billions of TZS
600 6
2,500 5
Percent
Billions of TZS
500 5
Percent
2,000 4
400 4
1,500 3
300 3
200 2 1,000 2
100 1 500 1
0 0
0 0
Mar-23
Feb-23
May-23
Jan-23
Jun-23
Apr-23
Nov-22
Dec-22
Oct-23
Nov-23
Jul-23
Aug-23
Sep-23
Feb-23
Mar-23
Jan-23
May-23
Jun-23
Oct-23
Nov-22
Dec-22
Apr-23
Nov-23
Jul-23
Aug-23
Sep-23
Source: Bank of Tanzania Source: Bank of Tanzania
Note: LHS denotes left hand scale; RHS, right hand scale; and Note: LHS denotes left hand scale; and RHS, right hand scale
WAY, weighted average yield
The Bank conducted 2-, 15- and 20-years Treasury

bonds auction for government financing, with a Interbank Foreign Exchange Market
combined tender size of TZS 504.5 billion. All The Foreign currency liquidity in the interbank
auctions were undersubscribed, with total bids foreign exchange market (IFEM) improved
received amounting TZS 163.4 billion, out of which, consistent with seasonal receipts from tourism and
TZS 152.2 billion were successful. Weighted agricultural produce exports. As a result,
average yields to maturity increased across all commercial banks transactions increased to USD
maturities from the rates registered in the 13.1 million in November 2023 from none in the
preceding auctions. preceding three months. Further, the Bank

participation in the market to support imports
Interbank Cash Market demand were reduced to none as foreign

exchange liquidity improved. However, higher
The interbank cash market (IBCM) continued to
prices of import commodities and the sustained
facilitate trading of the shilling liquidity across
monetary policy tightening in Advanced Economies
banks. During the month under review, the total
continued to exert pressures in forex supply in the
value of transactions amounted to TZS 1,961.0
country. Consistent with the foreign exchange
billion, compared with TZS 3,206.9 billion traded in
liquidity situation, the shilling traded at an average
the preceding month (Chart 2.4.2). Transactions of
rate of TZS 2,501.22 per US dollar, compared with
2-7 days continued to constitute the largest share,
TZS 2,495.86 per US dollar in the preceding
accounting for 81.5 percent of total market
month. This was equivalent to an annual
turnover. The overall IBCM and 2-7 days’ interest
depreciation of 7.8 percent, from TZS 2,319.87 per
rates increased slightly to 6.36 percent and 6.46
US dollar in November 2022 (Chart 2.4.3).
percent, from 5.90 percent and 6.00 percent
registered in the preceding month, respectively.
Similarly, the overnight interest rate increased
slightly to 5.70 percent from 5.36 percent in
October 2023.
5
Chart 2.4.3: Developments in the IFEM the month was TZS 3,107.6 billion, of which TZS
Bank of Tanzania's net sale (+)/ net purchase (-) (LHS)
Banks' sales (LHS)
Weighted average exchange rate (RHS)
1,723.4 billion and TZS 1,384.3 billion were
160 2,520
140 2,480
recurrent and development spending, respectively
120 2,440 (Chart 2.5.2).
Millions of USD
100 2,400
TZS per USD

80 2,360
60 2,320
Chart 2.5.2: Central Government Expenditure in
November
40 2,280
20 2,240 Billions of TZS

0 2,200 2022 Actuals 2023 Estimates 2023 Actuals
Mar-23
Feb-23
Jan-23
May-23
Jun-23
Oct-23
Apr-23
Nov-22
Dec-22
Nov-23
Aug-23
Sep-23
Jul-23
1,684.3
Source: Bank of Tanzania
1,122.4
Note: LHS denotes left hand scale; and RHS, right hand scale
1,053.1
947.9
824.7
747.9
659.4
560.3
2.5 Government Budgetary
405.4
383.2
288.3
264.8
Operations
Wages and salaries Interest costs Other recurrent Development
In November 2023, government revenue, consisting expenditure expenditure
of central and local government collections, Source: Ministry of Finance and Bank of Tanzania computations
amounted to TZS 2,372.4 billion, equivalent to 95.7
percent of the target. Of the total revenue, central 2.6 Debt Developments
government revenue amounted to TZS 2,285.1
The national debt stock, comprising of public
billion, of which, TZS 1,974.2 billion was tax
(domestic and external) and private sector external
collections and TZS 310.8 billion was non-tax
debt, amounted to USD 41,479.4 million at the end
revenue. Taxes on imports were slightly higher than
of November 2023, an increase of 1 percent from
the target for the period on account of increase in
the level recorded at the end of the preceding
imports (Chart 2.5.1).
month, attributed to government borrowings to
Chart 2.5.1: Central Government Revenue in finance development projects. Out of the debt
November stock, external debt accounted for 71 percent.
Billions of TZS
2022 Actuals 2023 Estimates 2023 Actuals
847.6
826.6
External Debt
681.0
External debt stock (public and private) recorded a

552.7
512.1
495.9
monthly increase of 1.5 percent to USD 29,447.2

454.4
445.5
378.2
387.8
310.8
million, resulting from net inflows. Of this amount,

260.1
160.2
136.2
132.1
external debt owed to the central government was

USD 22,456.4 million, accounting for 76.3 percent
Taxes on imports Income tax Taxes on local Other taxes Non-tax revenue of the external debt stock (Table 2.6.1). External
goods and
services
debt disbursements amounted to USD 324.7
Source: Ministry of Finance and Bank of Tanzania computations
million and were mainly to the central government.
Government spending was generally aligned with Total external debt service payments were to the
the available resources with emphasis on priority tune of USD 21.6 million.
expenditure. Total government expenditure during
6
Table 2.6.1: External Debt Stock by Borrowers Table 2.6.3: Disbursed Outstanding Debt by Use of
Millions of USD Funds
Nov-22 Oct-23 r Nov-23p
Millions of USD
Borrower Amount Share (%) Amount Share (%) Amount Share (%) Nov-22 Oct-23 r Nov-23p
Central government 20,509.6 73.0 22,125.2 76.2 22,456.4 76.3 Activity Amount Share (%) Amount Share (%) Amount Share (%)
DOD 19,428.6 69.2 21,873.4 75.4 22,204.6 75.4 Balance of Payments and budget support 3,094.0 12.0 3,840.4 13.9 3,844.8 13.8
Interest arrears 1,081.0 3.8 251.8 0.9 251.9 0.9 Transport and telecommunication 5,476.0 21.3 6,168.9 22.3 6,208.7 22.2
Agriculture 1,365.0 5.3 1,346.2 4.9 1,347.9 4.8
Private sector 7,542.0 26.9 6,859.8 23.6 6,957.6 23.6
Energy and mining 4,077.0 15.9 4,237.8 15.3 4,354.1 15.6
DOD 6,224.7 22.2 5,739.3 19.8 5,728.9 19.5
Industries 1,291.4 5.0 977.8 3.5 977.8 3.5
Interest arrears 1,317.3 4.7 1,120.5 3.9 1,228.7 4.2 Social welfare and education 4,403.0 17.1 5,117.0 18.5 5,217.6 18.7
Public corporations 31.1 0.1 33.2 0.1 33.2 0.1 Finance and insurance 990.0 3.9 1,091.5 3.9 1,117.6 4.0
DOD 23.7 0.1 23.7 0.1 23.7 0.1 Tourism 258.0 1.0 367.8 1.3 376.8 1.3
Real estate and construction 1,882.0 7.3 2,012.1 7.3 2,013.8 7.2
Interest arrears 7.4 0.0 9.5 0.0 9.5 0.0
Other 2,840.6 11.1 2,477.0 9.0 2,498.0 8.9
External debt stock 28,082.7 100.0 29,018.2 100.0 29,447.2 100.0
Total 25,677.0 100.0 27,636.4 100.0 27,957.2 100.0
Source: Ministry of Finance and Bank of Tanzania Source: Ministry of Finance and Bank of Tanzania
Note: DOD denotes disbursed outstanding debt; r, revised data; Note: r denotes revised data; and p, provisional data
p, provisional data; and TANESCO, ATCL, TRC, TPA,
TFC and DAWASA have no outstanding external debt
Table 2.6.4: Disbursed Outstanding Debt by
The composition of the external debt stock by Currency Composition
Millions of USD
creditor category remained unchanged with debt Nov-22 Oct-23r Nov-23p
Currency Amount Share (%) Amount Share (%) Amount Share (%)
owed to multilateral institutions dominating, United States Dollar 17,714.7 69.0 18,742.2 67.8 18,983.7 67.9
followed by commercial creditors (Table 2.6.2). Euro 3,778.2 14.7 4,563.2 16.5 4,541.2 16.2
Chinese Yuan 1,441.6 5.6 1,578.3 5.7 1,739.5 6.2
Transportation and telecommunication activities, Other 2,742.5 10.7 2,752.7 10.0 2,692.8 9.6
Total 25,677.0 100.0 27,636.4 100.0 27,957.2 100.0
social welfare and education, and energy and Source: Ministry of Finance and Bank of Tanzania
Note: r denotes revised data; and p, provisional data
mining continued to account for the large share of
the outstanding external debt—all together
Domestic Debt
representing 56.5 percent (Table 2.6.3). The
Domestic debt stock stood at TZS 30,190.9 billion
currency composition of external debt also
at the end of November 2023, higher by TZS 270.6
maintained its previous month structure, with the
billion of the level reported in the preceding month,
US dollar holding the dominant position, trailed by
largely driven by the issuance of short-term
the Euro (Table 2.6.4).
government securities (Chart 2.6.1). Treasury
Table 2.6.2: External Debt Stock by Creditors bonds continued to account for the largest share of
Millions of USD
the domestic debt stock, at 75.2 percent (Table
Nov-22 Oct-23r Nov-23p
Creditor category Amount Share (%) Amount Share (%) Amount Share (%)
2.6.5 and Table 2.6.6).
Multilateral 12,930.0 46.0 14,871.9 51.3 15,141.1 51.4
DOD 12,914.6 46.0 14,831.8 51.1 15,101.1 51.3
Bilateral 2,181.9 7.8 1,303.8 4.5 1,312.2 4.5
Chart 2.6.1: Government Domestic Debt Stock
DOD 1,100.9 3.9 1,052.0 3.6 1,060.3 3.6 Billions of TZS
30,190.9
29,920.3
Interest arrears 1,081.0 3.8 251.8 0.9 251.9 0.9

26,612.6
Commercial 8,174.0 29.1 8,679.7 29.9 8,771.9 29.8

DOD 7,459.8 26.6 8,007.7 27.6 8,058.5 27.4
18,648.6
Export credit 4,796.8 17.1 4,162.9 14.3 4,222.0 14.3

DOD 4,201.7 15.0 3,744.8 12.9 3,737.3 12.7
15,882.2
14,447.5
14,426.8
13,473.2

11,413.3
External debt stock 28,082.7 100.0 29,018.2 100.0 29,447.2 100.0

Source: Ministry of Finance and Bank of Tanzania
9,564.3
8,600.0
Note: DOD denotes disbursed outstanding debt; r, revised data;

6,729.1
5,875.6
and p, provisional data

Oct-23
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Nov-20
Nov-21
Nov-22
Nov-23
7
Table 2.6.5: Government Domestic Debt by Domestic debt for selected state-owned
Borrowing Instruments
Billions of TZS enterprises (SOEs) was TZS 24.8 billion at the end
of November 2023, a monthly decrease of 1.8
Instrument Amount Share (%) Amount Share (%) Amount Share (%)
Government securities 22,447.1 84.3 25,399.6 84.9 25,614.0 84.8 percent, on account of charges on accruals by the
Treasury bills 1,827.0 6.9 2,488.0 8.3 2,723.7 9.0
Government stocks 252.7 0.9 187.1 0.6 187.1 0.6
Tanzania Railway Corporation. Cumulatively, the
Government bonds 20,367.4 76.5 22,724.5 76.0 22,703.1 75.2
Tanzania Fertilizer Company continued to hold the
Tax certificates 0.1 0.0 0.1 0.0 0.1 0.0
Non-securitized debt 4,165.5 15.7 4,520.7 15.1 4,576.9 15.2 largest share of SOEs domestic debt stock, at 82.3
Other liabilities* 18.4 0.1 18.4 0.1 18.4 0.1
Overdraft 4,147.1 15.6 4,502.3 15.0 4,558.6 15.1 percent (Table 2.6.7).
Domestic debt stock
(excluding liquidity papers) 26,612.6 100.0 29,920.3 100.0 30,190.9 100.0
Note: * includes NMB Bank Plc standard loan and duty Table 2.6.7: Selected SOEs Domestic Debt Stock
drawback Millions of TZS
Sep-23 Oct-23 Nov-23
Enterprise Amount Share (%) Amount Share (%) Amount Share (%)
TANESCO 1.0 4.0 0.2 0.9 0.2 0.7
Table 2.6.6: Government Domestic Debt by Creditor
ATCL 0.0 0.0 0.0 0.0 0.0 0.0
Category
Tanzania Fetilizer Company 20.4 78.1 20.4 76.8 20.4 82.3
Billions of TZS
TPA 0.0 0.0 0.0 0.0 0.0 0.0
DAWASA 0.9 3.3 0.8 2.9 0.8 3.1
Holder Amount Share (%) Amount Share (%) Amount Share (%)
Tanzania Railway Corporation 3.8 14.6 5.2 19.4 3.4 13.9
Commercial banks 7,237.0 27.2 8,580.1 28.7 8,622.7 28.6
Total 26.1 100.0 26.6 100.0 24.8 100.0
Bank of Tanzania 6,272.9 23.6 6,562.4 21.9 6,618.6 21.9
Source: Treasury Registrar Office
Pension funds 7,665.4 28.8 8,433.3 28.2 8,500.1 28.2
Note: TANESCO denotes Tanzania Electric Supply Company
Insurance companies 1,475.2 5.5 1,603.6 5.4 1,659.2 5.5
Limited; and ATCL, Air Tanzania Company Limited; TPA,
BOT's special funds 429.7 1.6 463.7 1.5 486.7 1.6
Tanzania Port Authority; and DAWASA, Dar es Salaam
Others 3,532.5 13.3 4,277.2 14.3 4,303.7 14.3 Water and Sewerage Authority
Domestic debt stock
(excluding liquidity papers) 26,612.6 100.0 29,920.3 100.0 30,190.9 100.0
Note: BOT denotes Bank of Tanzania; and ‘others’ include
public institutions, private companies and individuals
2.7 External Sector Performance
Gross government securities worth TZS 263.4 External shocks continued to exert pressure on the
billion were issued during the reporting month current account position, foreign reserves, and
(Chart 2.6.2). Debt service payments amounted to exchange rate. The current account deficit
TZS 587.8 billion, out of which TZS 351.8 billion remained large, though has been narrowing
was principal repayments and the balance was gradually in recent months. In the year ending
interest payments. November 2023, the current account deficit was
USD 2,903 million compared with USD 5,160.6
Chart 2.6.2: Issued Government Securities for million in the preceding year (Table 2.7.1). The
Financing Purposes outturn was largely on account of increased
Billions of TZS
T-Bills T-Bonds earnings from tourism activities and traditional
exports.
596.2 On foreign exchange reserves, the stock was USD

293.4
630.5
297.6
280.3 443.7 4,850.6 million compared with USD 4,541.1 million
344.7 314.4 225.5
100.0
328.3 at the end of November 2022. The reserves were
174.5
190.0 218.6 176.4

275.3
184.7 221.3
36.5
adequate to cover 4 months of projected imports of
128.3 154.4 135.4 123.3 88.9
77.2 77.2
goods and services and was in line with the
Feb-23
Aug-23
Sep-23
Jul-23
Jan-23
Jun-23
Apr-23
Oct-23
May-23
Nov-22
Dec-22
Mar-23
Nov-23
country benchmark of 4 months (Chart 2.7.1).

8
Table 2.7.1 Current Account vegetables. Export of traditional goods edged up to
Millions of USD
Year ending November
Percentage
USD 969.1 million from USD 760.9 million, largely
Items Nov-22 Oct-23 Nov-23 2021 2022 2023p change
Goods account -585.7 -521.3 -570.4 -2,921.4 -6,734.0 -6,035.1 -10.4 driven by coffee and tobacco (Chart 2.7.2).
Exports* 651.7 784.0 736.7 6,736.2 7,195.9 7,790.5 8.3
Imports 1237.4 1,305.3 1,307.1 9,657.6 13,930.0 13,825.6 -0.7
Services account 181.85 409.2 319.6 1,445.8 2,256.4 3,761.9 66.7
Receipts 414.1 609.5 531.7 2,997.2 4,641.8 6,158.6 32.7
On a monthly basis, the export of traditional goods
Payments 232.3 200.3 212.2 1,551.4 2,385.4 2,396.7 0.5
Goods and services
Export of goods and services 1,065.8
-403.9 -112.1
1,393.5
-250.8
1,268.4
-1,475.6 -4,477.6
9,733.4 11,837.7
-2,273.3
13,949.0
-49.2
17.8
almost doubled to USD 185.3 million in November
Import of goods and services 1,469.7 1,505.6 1,519.2 11,209.0 16,315.3 16,222.3 -0.6
Primary income account -143.3 -86.8 -127.4 -1,194.8 -1,293.0 -1,279.5 -1.0
2023 compared to USD 126.5 million recorded in a
Receipts 17.9 18.6 14.0 98.9 184.7 182.4 -1.3
Payments 161.2 105.4 141.5 1,293.7 1,477.7 1,461.9 -1.1
similar month in 2022. Meanwhile, non-traditional
Secondary income account 59.7 49.6 50.1 522.2 610.0 649.8 6.5
Inflows 68.9 58.7 58.8 603.7 727.8 759.7 4.4 exports rose to USD 511.1 million from USD 488.4
o/w General government 16.4 0.0 0.0 83.8 95.5 79.6 -16.7
Outflows 9.3 9.0 8.7 81.4 117.8 110.0 -6.6 million.
Current account balance -487.5 -149.3 -328.1 -2,148.2 -5,160.6 -2,903.0 -43.7
Source: Tanzania Revenue Authority, banks, and Bank of
Tanzania computations Chart 2.7.2: Exports of Goods
Note: * includes adjustments for informal cross border exports; Millions of USD
p, denotes provisional data; and o/w, of which Year ending November
3,034.5
2,822.4
2,812.7
2021 2022 2023
Chart 2.7.1 Foreign Exchange Reserves

Gross official reserves (LHS) SADC benchmark (RHS)
1,405.2
1,403.0
EAC benchmark (RHS) Months of projected imports
1,242.8
1,172.7
1,063.1
1,018.2
Country benchmark (RHS)
969.1
8,000 8
760.9
628.8
563.8
538.9
7,000 7
417.7
400.0
384.9
319.0
292.6
290.1
182.3
6,000 6
5,000 5
Millions USD
Gold Manufactured Traditional Horticultural Other Cereals Other non-

Months
4,000 4 goods exports products minerals traditional

exports
3,000 3
2,000 2 Source: Tanzania Revenue Authority and Bank of Tanzania

1,000 1 computations
0 0
Note: Other minerals mainly include mineral concentrates,
tanzanite and diamonds; and other non-traditional
May-19
May-20
May-21
May-22
May-23
Nov-18
Nov-19
Nov-20
Nov-21
Nov-22
Nov-23
exports include oil seeds, beans, cocoa, raw hides and

skins, and wood
Note: LHS denotes left hand scale; RHS, right hand scale; EAC,
East African Community; and SADC, Southern African Service receipts increased to USD 6,158.6 million
Development Community
in the year ending November 2023 from USD
4,641.8 million in the corresponding period in 2022,
Exports
driven by travel (tourism) and transport receipts
The export of goods and services increased by (Chart 2.7.3). The surge in travel receipts reflects
17.8 percent to USD 13,949 million in the year the rebound of the tourism sector as tourist arrivals
ending November 2023 from the level recorded in rose by 27 percent to 1,797,347. On a month-to-
the preceding year. The performance was largely month basis, service receipts were USD 531.7
contributed by receipts from tourism, traditional million in November 2023, compared with USD
and non-traditional exports. 414.1 million in the similar period in 2022.
Export of non-traditional goods grew by 5.8 percent

to USD 6,389.0 million, with much of the increase
driven by gold. Exports of gold rose to USD
3,034.5 million, compared with USD 2,822.4
million, on account of both volume and price
effects. Improvement was also registered in
exports of oil seeds and horticulture, particularly
9
Chart 2.7.3: Services Receipts by Category Table 2.7.2: Goods Imports
Millions of USD Millions of USD
Year ending November Percentage
Year ending November p
Items Nov-22 Oct-23 Nov-23 2022 2023 change
3,328.9
Capital goods 243.3 251.2 249.5 2,478.4 2,932.9 18.3
2021 2022 2023
Machinery and mechanical appliances 85.7 84.1 101.4 1,094.1 1,228.2 12.3
Industrial transport equipment 92.5 90.9 79.3 770.1 973.9 26.5
Electrical machinery and equipment 36.8 45.1 46.0 317.5 421.4 32.7
2,417.9
2,351.2
Other capital goods 28.3 31.1 22.7 296.6 309.4 4.3
Intermediate goods 873.7 916.0 931.2 10,061.3 9,459.3 -6.0
1,877.7
Industrial supplies 411.6 422.9 367.5 4,735.5 4,232.6 -10.6
O/w Iron and steel and articles thereof 73.7 94.1 94.7 1,113.8 985.2 -11.5
1,501.2
Plastic and articles thereof 45.6 57.6 52.3 759.5 628.6 -17.2
1,250.7
Fertilisers 94.7 65.6 41.4 470.3 446.4 -5.1
Fuel and lubricants 301.6 311.3 377.7 3,425.1 3,003.9 -12.3
O/w Refined white products 253.1 304.1 343.1 3,276.0 2,799.7 -14.5
Parts and accessories 74.3 83.8 87.6 992.3 1,000.6 0.8
478.4
Food and beverages for industrial use 51.8 61.3 67.8 657.2 876.1 33.3
346.3
245.4
O/w Wheat grain 22.8 25.2 29.6 314.1 406.6 29.5
Edible oil and its fractions not refined 7.1 7.4 12.9 123.1 168.3 36.7
Sugar for industrial use 14.8 18.1 20.6 129.8 125.5 -3.3
Motor cars for household 31.6 36.6 30.6 246.2 345.0 40.1
120.3 137.9 126.2 1,388.1 1,431.2 3.1
Travel (Tourism) Transport Other services Consumer goods
Food and beverages mainly for household consumption 16.2 14.3 11.8 182.2 236.7 29.9
Source: Banks and Bank of Tanzania computations Non-industrial transport equipment 15.5 17.7 16.6 151.9 150.5 -0.9
Note: Other services include construction, insurance, financial, O/w Motocycles and cycles fitted with an auxiliary motor 13.4 16.2 15.4 133.3 130.9 -1.8
Other consumer goods 88.5 105.9 97.8 1,054.0 1,044.0 -1.0

telecommunication, computer and information, charges O/w Pharmaceutical products 26.8 36.1 26.1 343.7 291.5 -15.2
for the use of intellectual property, government, personal Insecticides, rodenticides and similar products 12.0 20.0 18.7 141.1 185.3 31.4
and other business services Soap and detergents 5.9 4.0 4.3 72.6 61.4 -15.4
Textiles apparels 4.9 3.3 4.7 60.0 56.9 -5.1
Footwear and other products 5.6 4.5 5.2 51.6 50.2 -2.7
Paper and paper products 3.5 2.5 2.7 29.4 31.1 5.9
Imports Total
Source: Tanzania Revenue Authority and Bank of Tanzania

1,237.4 1,305.3 1,307.1 13,930.0 13,825.6 -0.7
computations
Imports of goods and services decreased to USD Note: p denotes provisional data; o/w, of which; and “---“, a
change that exceeds 100 percent.
16,222.2 million in the year ending November
2023, compared with USD 16,315.3 million in the Chart 2.7.4: Service Payments
Millions of USD
year ending November 2022, ensuing from a fall in Year ending November
goods import bill largely white petroleum products. 2021 2022 2023
1,357.2
1,323.9
Imports of machinery, industrial transport
equipment and motor cars, and food and
beverages for industrial use increased, while that
771.1
714.4
627.2
of refined white petroleum products fell by 14.5 592.5
412.3
347.0
percent to USD 2,799.7 million, on account of price

187.9
effect (Table 2.7.2). On a monthly basis, goods

import was USD 1,307.1 million, compared with Travel Transport Other services
USD 1,237.4 million in November 2022. Source: Banks and Bank of Tanzania computations
Note: Other services include construction, insurance, financial,
telecommunication, computer and information,
government, personal and other business services
Services payments slightly increased to USD
2,396.7 million from USD 2,385.4 million in the The primary income account recorded a deficit of
year to November 2022, due to rise in USD 1,279.5 million, slightly lower than USD 1,293
transportation and travel services (Chart 2.7.4). On million recorded in the year ending November
a monthly basis, service payments fell by USD 2022. On a monthly basis, the primary account
20.1 million to USD 212.2 million in November deficit amounted to USD 127.4 million, lower than
2023. USD 143.3 million in November 2022.
The secondary income account balance improved

to a surplus of USD 649.8 million in the year to
November 2023 from a surplus of USD 610 million
10
in corresponding period in 2022, due to the rise in Table 3.1.1: Inflation Developments
Base: Jan 2021=100
personal transfers. Monthly analysis indicated Monthly Change Annual change
Main groups Weight Nov-22 Oct-23 Nov-23 Nov-22 Oct-23 Nov-23
secondary income account to have a surplus Food and non-alcoholic beverages 41.9 1.0 -2.3 0.4 11.6 11.6 10.9
Alcoholic beverages, tobacco
and narcotics 0.2 0.0 0.0 0.0 0.0 0.7 0.7
balance of USD 50.1 million, lower than USD 59.7
Clothing and footwear 6.3 0.0 0.3 -0.3 2.9 2.6 2.4
Housing, water, electricity, gas
million in November 2022. and other fuels
Furnishings, household 25.8 -0.1 0.0 0.0 4.1 1.8 1.8
equipment and routine household
maintenance 4.8 0.7 0.4 -0.1 11.7 6.3 5.5
Health 1.3 0.8 -0.3 0.3 4.7 7.5 7.0
World Commodity Prices Transport

Information and communication
9.1
4.2
0.1
0.0
0.8
0.0
1.0
0.0
11.9
0.4
6.6
0.7
7.5
0.7
Recreation, sport and culture 1.1 0.0 0.2 0.0 -5.7 7.3 7.2
Commodity prices portrayed mixed developments
Education 1.6 0.0 1.4 0.0 0.0 5.1 5.1
Restaurants and accommodation
in November 2023. Crude oil prices decreased to services 1.4 0.0 0.0 0.0 2.0 -3.0 -3.0
USD 81.4 per barrel from USD 89.1 per barrel Insurance and financial services 0.5 0.0 0.0 0.0 0.0 0.0 0.0
Personal care, social protection
and miscellaneous goods and
recorded in October 2023 due to a fall in oil services 1.7 0.0 1.4 0.0 3.2 2.7 2.7
All items (Headline inflation) 100.0 0.4 -0.9 0.2 7.8 6.5 6.3
demand accompanied with a depreciation of the Selected groups
Food 41.9 1.0 -2.3 0.4 11.6 11.6 10.9
US dollar as the Federal Reserve eased interest Non-food 58.6 0.2 0.3 0.1 5.2 3.0 3.0
Source: Office of the Chief Government Statistician
rate hikes. Gold prices increased owing to weaker
US dollar. Prices of most agricultural products also
Chart 3.1.1: Annual Inflation Rates
increased during the month under review, except Percent
cotton, sugar and maize, owing to demand-supply Headline Food Non-food
16
imbalances. 14
12
10
3.0 Economic Performance 8
6
in Zanzibar 4
3.1 Inflation 0
-2
Mar-21
Mar-22
Mar-23
Jul-21
Jul-23
Jul-22
Nov-20
Nov-21
Nov-22
Nov-23
Headline inflation eased to 6.3 percent from 6.5
percent in October 2023 and 7.8 percent in Source: Office of the Chief Government Statistician
November 2022 (Table 3.1.1 and Chart 3.1.1). The
decrease was largely associated with a slowdown
in prices of some food and non-food items. Food
3.2 Government Budgetary
inflation decreased to 10.9 percent from 11.6
Operations
percent in the corresponding month in 2022. Food
Government resources, which comprise domestic
items that contributed to the decrease was edible
revenue and grants amounted to TZS 113.0 billion
oils, fish and green cooking banana. Non-food
in November 2023. Out of the revenue collected,
inflation remained unchanged at 3 percent as was
TZS 111.0 billion was from domestic sources and
in the previous month but was lower than the 5.2
the balance was grants. Tax revenue was TZS
percent recorded in November 2022.
97.1 billion, below the target by 2.8 percent
whereas, non-tax revenue was TZS 27.2 billion,
equivalent to 95.9 percent of the target (Chart
3.2.1).
11
Chart 3.2.1: Government Resources
Billions of TZS
3.3 External Sector Performance
Actual Nov-22 Target Nov-23 Actual Nov-23
Current Account
37.0
34.9
33.6
The current account, deficit grew to USD 411.8
28.4
27.2
million during the year ending November 2023,
22.8
20.6
19.1
from a deficit of USD 364.1 million in the

17.3
17.1
16.2
15.8
13.9
13.7
corresponding period in 2022. This development
9.8
was largely, associated with an increase in import
2.0
1.5
1.2
bill (Table 3.3.1).
Tax on VAT and Income tax Other taxes Non-tax Grants
imports excise duties revenue
(local)
Source: President's Office, Finance and Planning, Zanzibar Table 3.3.1: Current Account
Note: Other taxes include hotel and restaurant levies, tour Milions of USD
operator levy, revenue stamps, airport and seaport Year ending November Percentage
Nov-22 Oct-23 Nov-23P 2022 2023p change
service charges, road development fund and petroleum Goods account (net) -52.5 -34.7 -30.4 -392.6 -465.6 18.6
levy Exports 15.4 6.3 5.3 72.8 48.6 -33.2
Imports (fob) 67.9 41.0 35.7 465.5 514.3 10.5
Services account (net)
Government expenditure amounted to TZS 215.7 Receipts
-1.2 4.3 5.3 25.6 41.7 62.9
12.1 12.3 12.3 114.2 141.7 24.1
Payments
billion, out of which TZS 99.9 billion was recurrent Goods and services (net)
13.3 8.0 7.0 88.6 100.0 12.9
-53.7 -30.4 -25.1 -367.0 -423.9 15.5
Exports of goods and services
expenditure and TZS 115.7 billion was Imports of goods and services
27.5 18.6 17.6 187.1 190.4 1.8
81.2 49.1 42.7 554.1 614.3 10.9
Primary Income account (net)
development expenditure. Of the total amount Receipts
1.4 1.0 1.0 1.9 10.8 ---
1.7 1.4 1.5 4.5 15.2 ---
Payments
spent in development expenditure, TZS 105.9 Secondary income (net)
0.3 0.4 0.5 2.6 4.4 71.4
0.1 0.1 0.1 1.0 1.3 33.2
billion was from local sources and TZS 9.9 billion Inflows
Outflows
0.1 0.2 0.2 2.4 2.3 -4.1
0.1 0.1 0.1 1.4 1.0 -30.8
was from foreign resources. Deficit after grants Current account balance -52.2 -29.3 -23.9 -364.1 -411.8 13.1
Source: Tanzania Revenue Authority, banks and Bank of
was TZS 8.2 billion, which was financed through Tanzania computations
Note: p denotes provisional data; fob, free on board; and “---“, a
foreign loans (Chart 3.2.2). change that exceeds 100 percent
Chart 3.2.2: Government Expenditure

Exports
Billions of TZS
Actual Nov-22 Target Nov-23 Actual Nov-23 Exports of goods and services increased to USD
224.5
190.4 million in the year ending November 2023,

from USD 187.1 million recorded in the
corresponding period in 2022, owing to an increase
115.7
in service receipt, in particular from tourism-related

activities. Services receipt rose by 24.1 percent to
57.4
57.4
51.9
48.4
42.6
39.6
28.4
USD 141.7 million following an increase in tourist

arrivals (Table 3.3.1). Goods exports declined by
Wages and salaries Other recurrent expenditure Development expenditure
33.2 percent to USD 48.6 million driven by cloves
Source: President's Office, Finance and Planning, Zanzibar
Note: Other recurrent expenditure includes transfers, domestic (Table 3.3.2). Cloves export declined by 63.9
debt interest payments, consolidated fund service and
other charges percent to USD 17.9 million from the corresponding
period in 2022, due to cyclical nature of the crop.
On a monthly basis, exports of goods and services
declined to USD 17.6 million in November 2023
compared to USD 27.5 million in November 2022.
12
Table 3.3.2: Exports of Goods Table 3.3.3: Imports of Goods
Percentage
Millions of USD
Year ending November Percentage
Units Nov-22 Oct-23P Nov-23P 2022 2023p change p p p
Nov-22 Oct-23 Nov-23 2022 2023 change
Traditional exports
Clove Capital 3.8 2.8 2.8 34.9 78.7 ---
Machinery and mechanical appliances 1.7 0.6 1.0 14.2 26.5 86.3
Value '000' of USD 12,567.3 4,562.6 3,394.4 49,642.7 17,934.5 -63.9
Industrial transport equipment 0.6 0.7 0.4 5.7 33.3 ---
Volume '000' Tonnes 1.6 0.6 0.5 7.3 3.2 -56.3 Electrical machinery and equipment 0.9 0.7 1.2 7.2 11.1 55.0
Unit price USD/Tonne 8,107.9 7,547.1 6,715.9 6,777.8 5,609.1 -17.2 Other capital goods 0.6 0.9 0.2 7.8 7.7 -0.7
Intermediate 53.9 34.3 29.6 370.4 380.4 2.7
Non-traditional exports
Industrial supplies 16.0 8.4 6.2 124.6 102.1 -18.0
Seaweeds
o/w Iron and steel and articles thereof 3.0 3.5 0.5 25.8 14.8 -42.7
Value '000' of USD 851.5 529.1 509.8 6,667.9 8,405.7 26.1 Plastic and articles thereof 2.1 0.6 0.3 14.1 7.6 -46.0
Volume '000' Tonnes 1.5 0.8 0.8 13.7 12.1 -11.4 Fertilizers 0.0 0.0 0.0 0.0 0.1 81.4
Fuel and lubricants 29.1 15.9 19.5 171.4 177.5 3.6
Unit price USD/Tonne 561.1 669.9 629.9 487.7 693.9 42.3 o/w Refined white products 29.1 15.9 19.5 171.3 177.4 3.5
Manufactured goods '000' of USD 944.4 886.6 982.8 9,589.7 11,455.5 19.5 Parts and accessories 1.6 0.9 1.3 14.6 13.2 -9.2
Food and beverages for industrial use 5.0 8.5 2.0 51.4 76.5 48.8
Fish and fish products '000' of USD 219.2 129.2 186.4 1,394.4 2,159.2 54.8
o/w Wheat grain 2.2 3.5 0.0 21.4 23.0 7.9
Others exports '000' of USD 867.5 218.0 235.2 5,550.3 8,694.4 56.6 Edible oil and its fractions not refined 2.3 2.3 1.4 21.1 17.0 -19.7
Sub-total '000' of USD 2,882.6 1,762.8 1,914.2 23,202.3 30,714.8 32.4 Sugar for industrial use 0.0 0.0 0.0 0.0 0.0 -0.1
Motor cars for household 2.2 0.6 0.6 8.5 11.1 31.4
Grand-total '000' of USD 15,449.9 6,325.4 5,308.6 72,845.0 48,649.3 -33.2
Consumer 10.3 3.9 3.3 60.2 55.2 -8.4
Food and beverages mainly for household consumption 3.0 0.8 0.6 14.7 14.2 -3.5
Source: Tanzania Revenue Authority and Bank of Tanzania Non-industrial transport equipment 0.7 0.2 0.1 2.5 2.3 -10.8
computations o/w Motorcycles and cycles fitted with an auxiliary motor

Other consumer goods
0.1
6.6
0.1
2.9
0.1
2.6
0.6
42.9
0.8
38.7
22.5
-9.9
Note: Other exports mainly include souvenirs and spices; and p o/w Pharmaceutical products
Insecticides, rodenticides and similar products
0.2
0.1
0.2
0.0
0.0
0.1
1.4
0.3
0.8
0.5
-45.7
51.7
denotes provisional data Soap and detergents 0.7 0.2 0.1 3.5 3.7 5.6
Textiles apparels 0.7 0.3 0.3 5.2 4.5 -12.7
Footwear and other products 0.3 0.1 0.1 2.1 2.1 -0.1
Paper and paper products 0.4 0.1 0.1 1.4 1.6 15.2
Total (f.o.b) 67.9 41.0 35.7 465.5 514.3 10.5
Imports Source: Tanzania Revenue Authority and Bank of Tanzania

computations
Imports of goods and services rose to USD 614.3 Note: p denotes provisional data; “---“, a change that exceeds
100 percent; o/w, of which; and f.o.b, free on board
million from USD 554.1 million recorded in the year
ending November 2022. The increase was mainly
recorded in capital and intermediate categories of
goods import (Table 3.3.1). Capital goods,
increased to USD 78.7 million from USD 34.9
million, largely associated with ongoing
infrastructure developments. Intermediate good
import rose by 2.7 percent to USD 380.4 million,
largely due to an increase in imports of fuel and
lubricant (refined white petroleum), food and
beverage for industrial and motorcars for
households. Consumer goods import declined by
8.4 percent to USD 55.2 million, mostly influenced
by food and beverages for household consumption,
non-industrial transport equipment and other
consumer goods (Table 3.3.3). Import of goods and
services amounted to USD 42.7 million in
November 2023, compared with USD 81.2 million
in November 2022.
13
Statistical Tables
Table A1: Selected Economic Indicators
Unit of measure 2017 2018 2019 2020 2021 2022p
National accounts and inflation
1.1 Annual change in GDP at current prices Percent 9.6 8.7 8.2 8.3 6.9 8.9
1.2 Annual change in GDP at constant 2015 prices Percent 6.8 7.0 7.0 4.8 4.9 4.7
1.3 GDP per capita-current prices (TZS) '000' of TZS 2,327.4 2,452.4 2,573.3 2,701.0 2,798.2 2,757.6
1.4 GDP per capita-current prices (USD) USD 1,044.2 1,083.2 1,126.5 1,156.8 1,198.3 1,194.3
1.5 Annual change in consumer price index (Inflation) Percent 5.3 3.5 3.4 3.3 3.7 4.3
1.6 Savings to net national disposable income Percent 19.2 19.7 20.2 20.1 20.4 na
Money, credit and interest rates

2.1 Annual change in extended broad money supply (M3) Percent 8.0 4.5 9.6 5.7 15.5 11.6
2.2 Annual change in broad money supply (M2) Percent 10.4 3.8 11.8 8.2 17.6 12.1
2.3 Annual change in narrow money supply (M1) Percent 10.6 5.1 13.7 7.5 23.1 7.5
2.4 Annual change in reserve money (M0) Percent 1.5 0.6 6.8 -4.0 17.3 15.8
2.5 Annual change in credit to the private sector Percent 1.7 4.9 11.1 3.1 10.0 22.5
2.6 Private sector credit to GDP ratio 1 Percent 17.0 17.2 16.9 17.6 20.2 16.1
2.7 Ratio of credit to private sector to total credit Percent 83.8 79.8 83.5 77.7 74.4 72.9
2.8 12-Months deposit rate Percent 11.7 8.8 8.8 8.3 8.3 8.5
2.9 Overall treasury bill rate Percent 11.1 6.4 7.7 4.4 4.8 4.7
2.10 Long-term lending rate (3-5 years) Percent 17.9 17.4 16.6 16.2 16.0 15.7
Balance of payments
3.1 Exports of goods Mill. of USD 4,510.8 4,292.7 5,377.6 6,371.7 6,756.2 7,223.8
3.2 Imports of goods (f.o.b) Mill. of USD -7,293.0 -8,519.7 -8,615.2 -7,831.7 -10,003.4 -14,208.7
3.3 Trade balance Mill. of USD -2,782.3 -4,227.0 -3,237.5 -1,460.0 -3,247.1 -6,984.9
3.4 Current account balance Mill. of USD -1,485.5 -2,308.7 -1,340.2 -1,458.5 -2,374.3 -5,397.1
3.5 Balance of payment Mill. of USD 1,669.6 -784.0 587.0 -764.9 1,852.1 -988.4
3.6 Gross foreign reserves Mill. of USD 5,900.3 5,044.6 5,567.6 4,767.7 6,386.0 5,177.2
3.7 Import cover of foreign reserves Months 6.6 4.9 6.4 5.6 6.6 4.7
3.8 Exchange rate:
Annual average TZS/USD 2,228.9 2,263.8 2,288.2 2,294.1 2,297.8 2,303.1
End of period TZS/USD 2,230.1 2,281.2 2,287.9 2,298.5 2,297.6 2,308.9
2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
Fiscal operations
4.1 Current revenue to GDP ratio 1 Percent 14.7 14.5 13.8 14.5 13.2 14.5
4.2 Grants to GDP ratio 1 Percent 1.0 0.8 0.3 0.6 0.4 0.4
4.3 Current expenditure to GDP ratio 1 Percent 10.2 10.0 10.3 9.8 9.5 9.6
4.4 Development expenditure to GDP ratio 1 Percent 6.4 6.5 6.3 6.8 7.5 9.0
4.5 Budget balance to GDP ratio (excluding grants) 1 Percent -3.8 -2.0 -2.8 -2.1 -3.8 -4.0
4.6 Overall Budget balance to GDP ratio 1,2 Percent -1.4 -1.9 -3.1 -1.9 -3.8 -3.6
External debt stock Mill. of USD 18,651.1 20,503.0 21,920.9 22,952.7 25,519.3 27,832.5
5.1 Disbursed debt Mill. of USD 17,251.2 18,765.1 20,029.3 20,958.4 23,250.9 25,392.8
5.2 Interest arrears Mill. of USD 1,399.9 1,737.9 1,891.7 1,994.3 2,268.4 2,439.7
Source: Ministry of Finance; Bank of Tanzania; and Tanzania Revenue Authority
1 2
Note: Calculated on the basis of GDP at current market prices; includes grants, expenditure float, adjustment to cash and other items (net); GDP denotes gross domestic product; p, provisional data
and n.a, not available
14
Table A2: Central Government Operations (Cheques Issued) – Tanzania Mainland
Millions of TZS
Budget July - November 2023 November 2023

2023/24 Estimate Actual Estimate Actual
Total revenue (including LGAs) 31,381,011.7 12,266,455.6 11,644,009.6 2,479,476.6 2,372,360.2
Central government revenue 30,237,128.5 11,774,083.9 11,181,122.7 2,389,551.8 2,285,079.0
Tax revenue 25,197,234.1 9,865,393.7 9,649,481.0 2,011,334.2 1,974,242.7
Taxes on imports 9,337,815.1 3,859,814.6 3,951,751.1 826,581.0 847,568.6
Sales/VAT and excise on local goods 5,267,834.9 1,990,402.9 2,064,352.2 495,899.1 454,392.4
Income taxes 8,981,333.2 3,353,904.4 3,015,713.1 552,689.5 512,109.6
Other taxes 1,610,250.9 661,271.8 617,664.5 136,164.5 160,172.0
Non- tax revenue 5,039,894.4 1,908,690.2 1,531,641.7 378,217.7 310,836.3
LGA own sources 1,143,883.3 492,371.7 462,887.0 89,924.8 87,281.2
1
Total expenditure 38,082,059.3 14,982,834.2 14,164,043.6 3,135,128.1 3,107,643.7
Recurrent expenditure 24,004,839.3 9,062,086.1 7,997,319.1 2,012,725.9 1,723,361.9
Wages and salaries 10,882,126.1 4,246,489.3 4,097,009.3 947,948.1 824,721.5
Interest payments 4,163,751.3 1,641,470.4 1,466,047.2 405,382.4 288,295.6
Domestic 2,799,374.2 992,192.9 901,349.8 259,655.7 224,730.5
Foreign 1,364,377.1 649,277.5 564,697.4 145,726.7 63,565.1
Other goods, services and transfers 8,958,961.8 3,174,126.5 2,434,262.6 659,395.4 610,344.7
Development expenditure and net lending 14,077,220.0 5,920,748.1 6,166,724.4 1,122,402.1 1,384,281.9
Local 10,795,139.1 4,843,753.6 4,853,256.0 834,340.8 845,601.1
Foreign 3,282,080.9 1,076,994.5 1,313,468.5 288,061.3 538,680.8
Balance before grants -6,701,047.5 -2,716,378.6 -2,520,033.9 -655,651.4 -735,283.5
Grants 1,111,321.9 347,851.3 142,250.1 89,168.3 46,056.0
Program 56,363.4 0.0 0.0 0.0 0.0
Project 924,835.7 310,564.2 79,025.5 89,168.3 27,843.8
Basket funds 130,122.8 37,287.1 63,224.5 0.0 18,212.2
Balance (cheques issued) after grants -5,589,725.7 -2,368,527.3 -2,377,783.9 -566,483.1 -689,227.5
Expenditure float 0.0 0.0 -8,710.8 0.0 0.0
Adjustments to cash and other items (net) 0.0 0.0 33,397.7 0.0 261,710.6
Overall balance -5,589,725.7 -2,368,527.3 -2,353,096.9 -566,483.1 -427,516.9
Financing 5,589,725.7 2,368,527.3 2,353,096.9 566,483.1 427,516.9
Foreign financing (net) 3,691,410.1 1,541,940.1 739,919.7 554,426.1 322,691.6
Loans 6,455,356.8 2,720,463.4 1,902,561.2 902,417.0 492,624.8
Program loans 2,127,770.5 356,729.0 0.0 0.0 0.0
Development project loans 4,327,586.3 2,363,734.4 1,862,249.2 902,417.0 492,624.8
o/w: Non-concessional borrowing 2,100,464.0 1,634,591.1 731,342.8 703,524.0 0.0
Basket support 0.0 0.0 40,312.1 0.0 0.0
Amortization -2,763,946.8 -1,178,523.3 -1,162,641.5 -347,990.9 -169,933.2
Domestic (net)2 1,898,315.6 826,587.2 1,613,177.2 12,057.0 104,825.3
Bank and non-bank financing 1,898,315.6 826,587.2 1,613,177.2 12,057.0 104,825.3
Bank borrowing 1,688,673.2 735,662.6 915,765.4 10,730.7 -1,297.6
Non-bank (net of amortization) 209,642.4 90,924.6 697,411.8 1,326.3 106,122.9
Borrowing/roll-over 3,542,060.7 1,168,583.1 970,747.1 327,392.3 351,772.3
Domestic and contingent debt amortization -3,542,060.7 -1,168,583.1 -970,747.1 -327,392.3 -351,772.3
Source: Ministry of Finance
Note: 1 Exclude amortization and expenditure float; 2
Positive value means financing and a negative value means repayment/ build up of deposits; LGA denotes Local
Government Authority; VAT, value added tax; NDF, net domestic financing; and o/w, of which
15
Table A3: Depository Corporations Survey
Billions of TZS
Items Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23
Net foreign assets 7,805.8 9,437.5 8,668.5 7,595.1 8,697.1 8,635.9 7,811.0 10,455.1 10,769.2 10,934.9 10,121.6 9,380.5 9,970.8
Bank of Tanzania 9,284.7 10,732.8 9,813.4 9,296.7 10,251.0 10,000.6 9,513.8 11,333.3 11,384.6 11,288.4 10,646.8 9,986.2 10,644.3
Other depository corporations -1,478.9 -1,295.3 -1,144.9 -1,701.6 -1,553.9 -1,364.7 -1,702.9 -878.2 -615.4 -353.5 -525.2 -605.7 -673.5
Net domestic assets 30,529.7 29,142.5 30,134.8 31,277.9 30,416.1 31,325.6 32,368.6 31,729.8 31,872.6 32,203.2 33,019.5 33,575.4 33,614.1
Domestic claims 38,404.1 37,557.3 38,463.9 39,507.3 39,139.7 40,193.8 40,893.6 41,586.2 41,468.8 41,885.0 42,586.6 43,884.1 44,525.8
Claims on central government (net) 11,465.6 10,184.8 10,942.4 11,549.3 10,604.0 11,490.9 11,732.5 11,750.6 11,408.8 11,276.2 11,795.4 12,667.7 12,653.2
Claims on central government 19,692.2 18,261.0 18,564.1 19,764.3 19,325.1 20,141.7 21,585.1 19,213.5 19,424.7 20,048.7 21,276.8 22,443.1 22,889.7
Liabilities to central government 8,226.6 8,076.2 7,621.6 8,215.0 8,721.1 8,650.8 9,852.6 7,462.9 8,015.9 8,772.6 9,481.4 9,775.4 10,236.5
Claims on non-government sector 26,938.6 27,372.5 27,521.5 27,958.0 28,535.7 28,702.9 29,161.2 29,835.6 30,060.0 30,608.8 30,791.3 31,216.4 31,872.6
Other items (net) -7,874.5 -8,414.8 -8,329.1 -8,229.4 -8,723.6 -8,868.2 -8,525.0 -9,856.3 -9,596.2 -9,681.8 -9,567.2 -10,308.7 -10,911.8
Broad money liabilities 38,335.5 38,580.0 38,803.3 38,873.0 39,113.2 39,961.5 40,179.6 42,185.0 42,641.8 43,138.1 43,141.0 42,955.9 43,584.9
Currency outside depository corporations 5,684.1 5,709.0 5,326.4 5,291.1 5,371.1 5,424.8 5,646.0 6,161.5 6,347.7 6,460.7 6,475.9 6,316.8 6,373.1
Transferable deposits 18,165.9 18,341.0 18,819.5 18,850.9 18,775.0 19,571.6 19,325.6 20,648.4 20,591.4 20,594.4 20,261.3 20,313.7 20,254.7
Non-transferable (other) deposits 14,485.4 14,530.0 14,657.4 14,730.9 14,967.0 14,965.2 15,207.9 15,375.1 15,702.7 16,083.0 16,403.8 16,325.4 16,957.1
Memorandum Items:
Monetary aggregates
Reserve money (M0) 9,351.6 9,736.3 9,482.2 9,391.0 9,236.4 9,463.3 9,590.1 10,850.7 10,194.8 10,392.8 9,943.7 9,825.2 10,066.5
Extended broad money (M3) 38,335.5 38,580.0 38,803.3 38,873.0 39,113.2 39,961.5 40,179.6 42,185.0 42,641.8 43,138.1 43,141.0 42,955.9 43,584.9
Deposits in foreign Currency (FCD) 8,431.1 8,201.1 8,419.5 8,393.2 8,617.7 8,912.7 8,836.9 9,591.3 9,830.1 9,851.5 9,715.9 9,496.3 10,148.5
FCD in millions of USD 3,652.1 3,551.9 3,645.8 3,633.5 3,728.1 3,852.3 3,810.3 4,119.1 4,092.1 4,031.2 3,914.9 3,826.1 4,058.7
Broad money (M2) 29,904.4 30,378.9 30,383.8 30,479.8 30,495.5 31,048.8 31,342.7 32,593.7 32,811.7 33,286.6 33,425.2 33,459.6 33,436.4
Other deposits in national currency (i.e.
savings and time deposits) 11,430.6 11,430.7 11,550.9 11,637.8 11,876.8 11,800.6 12,056.4 12,241.3 12,306.6 12,514.7 12,813.9 12,891.0 13,149.6
Narrow money (M1) 18,473.8 18,948.2 18,833.0 18,842.0 18,618.7 19,248.3 19,286.2 20,352.4 20,505.1 20,771.9 20,611.2 20,568.6 20,286.8
Currency in circulation 5,684.1 5,709.0 5,326.4 5,291.1 5,371.1 5,424.8 5,646.0 6,161.5 6,347.7 6,460.7 6,475.9 6,316.8 6,373.1
Transferable deposits in national currency 12,789.7 13,239.2 13,506.5 13,550.9 13,247.5 13,823.5 13,640.2 14,190.9 14,157.4 14,311.2 14,135.3 14,251.8 13,913.7
16
Table A4: Interest Rates Structure
Percent
2022 2023
Items Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Novp
A: Domestic currency
1. Interbank cash market rates
Overnight 4.32 3.26 3.45 4.15 2.10 4.12 3.25 3.92 3.94 4.35 4.64 5.36 5.70
2 to 7 days 4.85 4.61 4.61 4.81 4.91 4.88 5.11 5.28 5.13 5.36 5.50 6.00 6.46
8 to 14 days 4.72 4.83 4.46 4.99 5.16 5.04 5.19 5.24 4.90 4.99 5.39 5.89 6.37
15 to 30 days 5.95 5.90 5.63 5.66 5.84 5.31 5.63 6.22 5.81 5.30 5.31 5.86 5.93
31 to 60 days 5.78 6.05 5.90 6.05 6.02 6.35 6.58 6.55 6.03 5.86 6.26 7.91 5.50
61 to 90 days 6.00 6.42 6.93 7.00 5.80 5.80 5.80 6.80 7.50 7.00 5.00 5.00 5.00
91 to 180 days 7.00 7.00 7.00 7.00 6.44 6.95 6.83 7.00 8.72 7.28 7.00 9.12 9.54
181 and above 6.71 6.71 9.50 9.50 9.50 9.53 9.53 10.88 9.00 10.20 10.20 9.00 9.00
Overall interbank cash market rate 4.99 4.62 4.68 4.94 4.85 4.92 5.02 5.25 5.06 5.24 5.46 5.90 6.36
2. Lombard rate 6.48 4.89 5.17 6.22 3.15 6.18 4.87 5.89 5.91 6.53 6.96 8.04 8.55
3. REPO rate 2.99 2.98 3.00 2.90 2.99 2.82 2.96 2.80 2.70 2.91 2.43 2.43 2.43
4. Reverse REPO rate 6.29 6.29 6.29 6.29 6.29 6.29 6.29 6.29 6.29 6.29 6.29 6.29 6.29
5. Treasury bills rates
35 days 2.26 2.26 2.26 3.49 3.45 3.46 3.45 3.45 4.07 4.20 4.98 4.98 6.29
91 days 3.00 3.00 3.65 4.00 4.00 4.00 3.98 3.96 4.60 4.65 5.84 7.77 8.83
182 days 4.06 4.17 4.60 5.23 5.08 5.00 5.20 5.80 5.89 6.84 7.15 7.56 8.73
364 days 5.89 6.44 7.15 7.12 6.61 6.72 6.98 7.14 7.02 7.03 7.72 8.73 9.49
Overall treasury bills rate 5.60 6.11 6.78 6.34 5.81 6.65 6.65 6.48 6.56 6.92 7.44 8.43 9.34
6. Treasury bonds rates

2-years 8.52 8.52 9.37 9.37 9.37 9.13 9.13 9.13 9.53 9.53 9.59 9.59 11.64
5-years 9.08 9.08 9.67 9.67 9.67 9.67 9.85 9.85 9.85 10.09 10.09 10.09 10.09
7-years 9.71 9.71 9.71 9.71 9.71 9.71 9.71 9.71 9.71 9.71 9.71 9.71 9.71
10-years 10.45 10.77 10.77 11.05 11.05 11.05 11.22 11.22 11.22 11.51 11.51 11.88 11.88
15-years 11.20 11.20 11.43 11.43 11.63 11.63 11.63 11.96 11.96 11.96 12.34 12.34 12.34
20-years 12.23 12.23 12.23 12.61 12.61 12.85 12.85 13.08 13.08 13.08 13.08 13.08 13.51
25-years 12.56 12.76 12.76 12.76 12.96 13.01 13.23 13.60 13.60 13.81 13.81 13.81 13.81
7. Discount rate 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
8. Savings deposit rate 1.61 1.61 1.63 1.60 1.56 1.60 1.60 1.66 1.68 1.68 1.69 2.45 2.56
9. Overall time deposits rate 7.28 6.94 7.38 7.18 6.78 6.79 6.91 7.08 6.85 6.91 6.85 7.05 7.64
1 month 8.34 7.84 7.88 6.91 7.64 6.08 6.77 9.08 6.99 6.67 6.42 6.80 8.76
2 months 7.94 7.65 8.68 8.19 8.69 8.64 8.13 7.17 7.52 7.17 6.87 7.51 8.37
3 months 7.53 8.35 7.87 8.47 7.94 8.25 8.32 7.43 7.05 7.92 7.61 8.39 8.75
6 months 8.36 8.26 8.45 8.41 7.72 8.22 7.49 7.72 7.90 8.08 7.95 7.66 8.46
12 months 8.77 8.23 8.66 8.78 7.94 7.70 8.34 8.68 8.70 8.93 8.98 9.00 9.16
24 months 7.63 5.84 8.87 8.25 6.35 7.48 8.14 8.43 8.64 8.74 8.91 7.55 7.55
10. Negotiated deposit rate 9.50 8.88 9.30 9.37 9.31 9.46 9.24 8.82 9.08 9.04 9.29 9.24 9.15
11. Overall lending rate 16.08 16.06 16.29 15.96 15.83 15.91 15.96 16.02 15.56 15.73 15.53 15.49 15.38
Short-term (up to 1year) 16.90 17.27 17.69 16.85 16.67 16.55 16.60 17.10 16.30 17.01 16.07 15.93 15.63
Medium-term (1-2 years) 17.55 17.39 17.57 17.25 17.05 17.24 17.36 17.17 16.92 16.99 16.87 16.75 16.91
Long-term (3-5 years) 15.43 15.35 15.61 15.41 15.37 15.57 15.54 15.68 15.61 15.68 15.59 15.67 15.45
Term Loans (over 5 years) 14.47 14.29 14.50 14.32 14.19 14.26 14.21 14.18 14.20 14.36 14.25 14.13 14.03
12. Negotiated lending rate 13.95 13.29 14.19 13.75 13.59 13.65 13.02 13.11 13.19 13.31 13.37 13.26 13.29
B: Foreign currency
1. Deposits rates
Savings deposits rate 0.31 0.28 0.33 0.38 0.55 0.08 0.07 0.05 0.04 0.04 0.00 0.01 0.02
Overall time deposits rate 3.14 3.29 3.35 3.18 3.08 3.10 3.28 3.34 3.43 3.75 3.51 3.67 3.78
1-months 2.45 2.29 3.78 2.56 2.53 2.09 3.51 2.94 3.61 3.58 3.47 3.63 3.95
2-months 2.34 3.81 2.65 2.88 2.34 3.73 2.29 3.89 2.79 3.47 3.51 3.94 3.27
3-months 3.91 3.26 3.31 3.28 3.60 2.33 3.88 2.66 3.67 3.72 3.80 2.90 3.58
6-months 3.25 3.33 3.25 3.42 3.28 3.75 3.70 3.78 3.81 3.90 2.55 3.69 3.65
12-months deposit rate 3.73 3.74 3.79 3.76 3.66 3.59 3.03 3.44 3.28 4.08 4.24 4.18 4.47
2. Overall lending rate 8.17 8.18 8.18 8.17 8.16 7.33 7.46 7.77 7.89 7.82 8.11 7.71 7.82
Short-term (up to 1year) 8.54 8.62 8.61 8.57 8.55 9.06 9.25 9.16 9.51 9.53 9.58 9.69 9.08
Long-term (3-5 years) 8.87 8.86 8.88 8.87 8.87 7.67 7.86 7.46 6.44 6.57 7.05 6.26 7.28
Term loans (over 5 years) 7.54 7.55 7.55 7.55 7.55 7.34 7.27 7.62 8.33 8.47 8.45 7.49 7.55
Note: p denotes provisional data
17
Table A5: Tanzania Balance of Payments
Millions of USD
Item 2018 2019 2020 2021 2022p
A. Current account -2,308.7 -1,340.2 -1,458.5 -2,374.3 -5,397.1
Goods: exports f.o.b. 4,292.7 5,377.6 6,371.7 6,756.2 7,223.8
Traditional 667.5 817.7 808.1 627.9 766.5
Non-traditional 3,234.9 4,186.0 5,253.3 5,763.0 6,058.4
o\w: Gold 1,541.9 2,215.1 2,957.5 2,737.1 2,835.1
Unrecorded trade 390.2 373.8 310.4 365.4 399.0
Goods: imports f.o.b. -8,519.7 -8,615.2 -7,831.7 -10,003.4 -14,208.7
Balance on goods -4,227.0 -3,237.6 -1,460.0 -3,247.1 -6,984.9
Services: credit 4,014.7 4,281.0 2,183.8 3,117.7 4,762.0
Transport 1,222.1 1,350.1 1,281.7 1,558.1 1,872.0
Travel 2,449.4 2,604.5 714.5 1,310.3 2,527.8
Other 343.2 326.4 187.5 249.3 362.2
Services: debit -1,925.7 -1,788.4 -1,319.0 -1,607.0 -2,465.4
Transport -609.5 -683.5 -607.0 -806.4 -1,378.4
Travel -738.1 -651.1 -203.8 -196.2 -357.5
Other -578.2 -453.9 -508.2 -604.4 -729.5
Balance on services 2,088.9 2,492.5 864.7 1,510.7 2,296.6
Balance on goods and services -2,138.0 -745.0 -595.2 -1,736.4 -4,688.3
Primary Income: credit 155.9 212.4 111.2 102.5 183.9
o/w: Investment income 108.5 150.4 97.7 79.5 120.3
Compensation of employees 47.4 62.1 13.5 23.0 63.6
Primary income: debit -795.2 -1,226.2 -1,375.7 -1,294.2 -1,475.4
o/w: Direct investment income -439.0 -766.3 -913.3 -906.4 -982.7
Interest payments -302.1 -398.3 -383.7 -301.8 -395.2
Compensation of employees -37.6 -37.9 -34.9 -35.8 -45.0
Balance on primary income -639.2 -1,013.7 -1,264.5 -1,191.6 -1,291.5
Balance on goods, services and primary income -2,777.3 -1,758.7 -1,859.8 -2,928.0 -5,979.8
Secondary income: credit 535.8 474.9 453.9 640.1 699.9
Government 170.3 103.5 141.2 104.7 65.6
Financial corporations, nonfinancial corporations, households and NPISHs 365.5 371.4 312.7 535.4 634.3
o/w: Personal transfers 365.5 371.4 312.7 535.4 634.3
Secondary income: debit -67.3 -56.4 -52.7 -86.4 -117.2
Balance on secondary income 468.5 418.5 401.2 553.7 582.7
B. Capital account 464.1 481.2 344.3 390.2 274.0
Capital transfers: credit 464.1 481.2 344.3 390.2 274.0
General Government 400.3 416.8 270.4 324.9 208.7
Other capital transfer (Investment grant) 394.3 416.8 256.1 313.5 208.7
Debt forgiveness (including MDRI) 6.0 0.0 14.3 11.4 0.0
Financial corporations, nonfinancial corporations, households and NPISHs 63.8 64.4 73.9 65.3 65.3
Capital transfers:debit 0.0 0.0 0.0 0.0 0.0
Total, Groups A plus B -1,844.7 -859.0 -1,114.2 -1,984.1 -5,123.1
C. Financial account, excl. reserves and related items 1,616.7 2,518.8 898.8 4,037.6 3,565.9
Direct investments -971.6 -1,217.2 -943.8 -1,190.5 -1,264.7
Direct investment abroad 0.0 0.0 0.0 0.0 0.0
Direct investment in Tanzania 971.6 1,217.2 943.8 1,190.5 1,264.7
Portfolio investment -8.2 37.8 -3.6 -7.4 29.9
Other investment 653.3 1,263.7 -41.3 2,854.5 2,271.3
Assets -149.8 -19.9 -19.8 -89.8 205.4
Loans (Deposit-taking corporations, except the central bank) -35.2 -60.8 -167.3 71.6 46.2
Currency and deposits -114.5 34.9 145.2 -161.7 158.8
Deposit-taking corporations, except the central bank -206.9 -32.4 -34.0 -197.9 314.7
Other sectors 92.4 67.3 179.2 36.2 -155.8
Other assets 0.0 -5.9 -2.3 -0.3 -0.4
Liabilities 803.1 1,283.6 -21.5 2,944.3 2,065.9
Trade credits 21.4 -8.9 10.1 -1.7 5.0
Loans 744.2 1,317.3 -3.6 2,937.5 2,059.4
Monetary authority 0.0 0.0 0.0 543.0 0.0
SDR allocation 0.0 0.0 0.0 543.0 0.0
General government 408.5 1,323.4 -63.3 2,339.1 1,145.9
Drawings 1,115.0 2,087.4 937.1 3,486.6 2,310.0
Repayments -706.5 -764.0 -1,000.4 -1,147.5 -1,164.2
o/w: Debt forgiveness -6.0 0.0 -14.3 -11.4 0.0
Deposit-taking corporations, except the central bank -32.2 88.2 37.2 -10.7 499.4
Other sectors 367.9 -94.3 22.4 66.1 414.2
Drawings 467.6 365.2 281.8 288.8 581.0
Repayments -99.7 -459.5 -259.4 -222.7 -166.8
Currency and deposits 37.6 -24.7 -28.1 8.5 1.4
Total, Groups A through C -228.0 1,659.7 -215.4 2,053.5 -1,557.2
D. Net errors and omissions -556.1 -1,072.7 -549.5 -201.4 568.8
Overall balance (Total, Groups A through D) -784.0 587.0 -764.9 1,852.1 -988.4
E. Reserves and related items 784.0 -587.0 764.9 -1,852.1 988.4
Reserve assets 871.9 -525.0 790.1 -1,840.2 988.4
Use of Fund credit and loans -87.9 -62.0 -25.2 -11.9 0.0
GDP(mp) billions of TZS 129,043.9 139,641.9 151,166.4 161,528.2 174,626.8
GDP(mp) millions of USD 57,003.7 61,026.7 65,892.2 70,298.0 75,824.2
CAB/GDP -4.1 -2.2 -2.2 -3.4 -7.1
Gross official reserves 5,044.6 5,567.6 4,767.7 6,386.0 5,177.2
Months of imports(Excluding FDI related imports) 4.9 6.4 5.6 6.6 4.7
Exchange rate (end of period) 2,281.2 2,287.9 2,298.5 2,297.6 2,308.9
Exchange rate (annual average) 2,263.8 2,288.2 2,294.1 2,297.8 2,303.0
Source: Bank of Tanzania, Tanzania Revenue Authority and Bank of Tanzania computations
Note: Data from 2018 to 2020 have been revised; p denotes provisional data; o/w, of which; NPISHs, non-profit institution serving households; MDRI, multilateral debt relief initiative; CAB, current account balance; and FDI, foreign direct investment
18
Table A6: Exports of Goods
Millions of USD
p
Commodity 2019 2020 2021 2022 2023
Traditional exports 725.8 814.6 628.8 760.9 969.1
Cashewnuts 271.9 355.5 155.2 241.5 216.8
Cloves 2.9 23.1 52.0 39.5 39.7
Coffee 157.4 135.2 157.5 153.2 214.9
Cotton 74.7 96.7 87.7 103.9 101.1
Sisal 18.3 18.5 20.1 23.0 22.9
Tea 46.6 33.0 32.9 29.8 33.1
Tobacco 154.2 152.6 123.3 170.1 340.6
Non-traditional exports 4,113.8 5,124.7 5,750.7 6,037.4 6,389.0
Minerals 2,254.6 3,271.1 3,131.6 3,386.2 3,573.4
Gold 2,139.3 2,855.6 2,812.7 2,822.4 3,034.5
Diamond 81.4 19.9 8.4 63.1 23.7
Tanzanite 25.4 25.0 27.5 27.6 21.3
Other minerals (incl. concentrates) 8.5 370.7 283.1 473.2 493.9
Horticultural products 219.1 281.4 384.9 290.1 417.7
Edible vegetables 151.0 223.2 310.6 213.8 320.9
Floriculture 33.2 23.6 27.1 23.8 26.0
Fruits 11.3 11.0 14.2 23.1 37.9
Others 23.7 23.6 33.0 29.4 32.9
Manufactured goods 858.0 888.7 1,172.7 1,403.0 1,405.2
o/w Cement 37.1 47.9 44.5 61.8 52.9
Ceramic products 24.0 30.2 44.9 51.4 28.3
Cosmetics 30.7 23.4 85.6 45.6 44.9
Edible oil 9.9 15.7 17.1 17.7 15.8
Fertilizers 25.5 85.1 52.5 87.0 109.6
Glassware 50.3 36.4 44.0 49.7 56.9
Iron and steel 71.4 63.6 84.4 108.1 75.9
Paper and paper products 53.2 37.4 60.4 62.8 21.9
Plastic items 27.3 27.5 62.0 42.0 37.7
Textiles 108.8 74.5 90.5 122.5 76.3
Cereals 80.2 156.7 400.0 292.6 182.3
Maize 33.5 23.8 83.0 94.0 41.3
Rice 45.6 127.4 307.8 183.5 132.6
Other cereals 1.2 5.5 9.2 15.1 8.4
Fish and fish products 164.8 142.9 160.9 171.8 163.0
Oil seeds 174.3 166.5 169.2 171.5 307.3
Other exports 131.8 110.6 241.2 194.8 214.2
o/w Beans 4.9 1.9 75.6 32.5 70.2
Wood and wood products 48.0 48.3 92.8 102.2 77.0
Cocoa 28.9 21.5 29.8 24.5 28.7
Plants 2.5 2.1 5.3 8.3 9.3
Hides and skins 4.6 5.9 5.4 4.8 6.2
Domestic exports 4,839.7 5,939.2 6,379.5 6,798.4 7,358.1
Re-Exports 231.2 106.9 90.2 127.4 125.9
Unrecorded trade 377.4 308.4 356.7 397.6 432.4
Total exports 5,217.1 6,247.6 6,736.2 7,195.9 7,790.5
Source: Tanzania Revenue Authority and Bank of Tanzania computations
Note: o/w denotes of w hich; and p, provisional data
19
Table A7: Import of Goods (f.o.b)
Millions of USD

Commodity 2019 2020 2021 2022 2023p
Capital 1,686.1 1,445.4 1,663.8 2,478.4 2,932.9
Machinery and mechanical appliances 604.6 599.3 724.0 1,094.1 1,228.2

Industrial transport equipment 626.8 343.7 459.4 770.1 973.9
Electrical machinery and equipment 252.3 262.5 273.6 317.5 421.4
Other capital goods 202.4 239.9 206.8 296.6 309.4
Intermediate 6,082.6 5,365.2 6,814.5 10,061.3 9,459.3
Industrial supplies 2,759.5 2,666.2 3,266.3 4,735.5 4,232.6
o/w Iron and steel and articles thereof 756.6 683.2 842.2 1,113.8 985.2
Plastic and articles thereof 439.8 407.9 571.3 759.5 628.6
Fertilisers 135.1 168.8 186.3 470.3 446.4
Fuel and lubricants 1,777.8 1,293.8 1,910.0 3,425.1 3,003.9
o/w Petroleum products 1,715.0 1,195.4 1,807.0 3,276.0 2,799.7
Parts and accessories 894.2 720.6 849.9 992.3 1,000.6
Food and beverages for industrial use 470.0 511.6 568.8 657.2 876.1
Wheat grain 181.3 227.8 186.7 314.1 406.6
Edible oil and its fractions not refined 165.1 143.1 202.2 123.1 168.3
Sugar for industrial use 63.1 65.5 108.9 129.8 125.5
Motor cars for household 180.8 172.8 214.4 246.2 345.0
Consumer 945.8 1,053.8 1,177.1 1,388.1 1,431.2
Food and beverages mainly for household consumption 124.7 117.4 166.3 182.2 236.7
Non-industrial transport equipment 84.0 79.4 111.7 151.9 150.5
Motocycles and Cycles fitted with an auxiliary motor 73.7 69.2 99.8 133.3 130.9
Other consumer goods 737.0 857.1 899.1 1,054.0 1,044.0
Pharmaceutical products 229.7 346.4 338.6 343.7 291.5
Insecticides, rodenticides and similar products 85.0 96.5 104.6 141.1 185.3
Soap and detergents 48.5 52.7 61.3 72.6 61.4
Textiles apparels 52.6 51.2 43.4 60.0 56.9
Footwear and other products 38.0 34.0 44.1 51.6 50.2
Paper and paper products 27.4 26.8 23.9 29.4 31.1
Total imports (f.o.b) 8,716.7 7,866.5 9,657.6 13,930.0 13,825.6
Source: Tanzania Revenue Authority and Bank of Tanzania computations
Note: o/w denotes of w hich; f.o.b, free on board; and p, provisional data
20
Table A8: World Commodity Prices
Crude
oil Crude Crude Coffee Coffee Tea Tea Wheat Cotton,
Palm oil Tobacco DAP Urea Gold
average oil Brent oil Dubai Arabica Robusta average Mombasa (hard) A index
(USD per (USD per (USD per (USD per (USD per
(USD (USD (USD (USD (USD (USD (USD per (USD per (USD
kg) tonne) tonne) tonne) troy oz)
per per per per kg) per kg) per kg) kg) tonne) per kg)
barrel) barrel) barrel)
Sep-22 88.22 90.16 90.63 5.90 2.46 3.33 2.36 909.32 419.14 4,146.96 2.59 752.00 678.00 1,680.78
Oct-22 90.33 93.13 90.59 5.29 2.27 3.15 2.46 888.99 437.95 4,325.16 2.20 725.00 636.25 1,664.45
Nov-22 87.38 91.07 86.28 4.72 2.04 3.05 2.49 945.74 422.68 4,333.33 2.23 665.63 588.75 1,725.07
Dec-22 78.07 80.90 76.78 4.63 2.05 2.95 2.39 940.39 386.33 4,399.33 2.22 625.00 519.38 1,797.55
Jan-23 80.41 83.09 80.03 4.56 2.12 2.79 2.33 941.97 380.36 4,475.62 2.21 631.00 443.75 1,897.71
Feb-23 80.25 82.71 81.21 5.06 2.29 2.70 2.29 949.98 394.75 4,492.34 2.19 612.50 357.50 1,854.54
Mar-23 76.47 78.53 77.52 4.90 2.35 2.69 2.40 972.06 369.86 4,525.66 2.10 606.00 313.50 1,912.73
Apr-23 82.46 84.11 83.83 5.06 2.55 2.96 2.35 1,005.24 378.18 4,586.58 2.10 637.00 313.38 1,999.77
May-23 74.12 75.70 75.08 4.85 2.70 2.70 2.23 934.06 367.74 4,786.75 2.07 510.00 329.25 1,992.13
Jun-23 73.26 74.89 74.67 4.57 2.91 2.69 2.09 816.97 345.50 5,064.74 2.04 454.55 287.50 1,942.90
Jul-23 78.98 80.10 80.46 4.27 2.81 2.47 2.06 878.50 345.50 5,098.18 2.05 458.75 334.63 1,951.02
Aug-23 84.72 86.16 86.61 4.12 2.75 2.83 2.25 860.82 315.82 5,295.79 2.11 528.75 385.63 1,918.70
Sep-23 92.22 94.00 93.08 4.05 2.73 2.85 2.25 829.60 314.68 5,437.42 2.16 527.90 380.00 1,915.95
Oct-23 89.08 91.06 90.62 4.05 2.62 2.76 2.16 804.26 298.10 4,337.25 2.11 534.75 411.38 1,916.25
Nov-23 81.35 83.18 83.45 4.35 2.70 2.74 2.18 830.47 283.55 4,338.14 1.99 535.63 385.50 1,984.11
Source: World Bank.org/en/research/commodity-markets
21
Table A9(i): Consumer Price Index (Urban and Rural), Twelve-Month Percentage Change (Main Groups)
Base:2020 = 100
Furnishings, Personal care, social
Food and non- Alcoholic Housing, water, household equipment Recreation, Restaurants and Insurance and protection and
Headline alcoholic beverages and Clothing and electricity, gas and and routine household Information and sport and accommodation financial miscellaneous goods
Period overall index beverages tobacco footwear other fuels maintenance Health Transport communication culture Education services services services and services
Weight (%) 100.0 28.2 1.9 10.8 15.1 7.9 2.5 14.1 5.4 1.6 2.0 6.6 2.1 2.1
2021-Jan 3.5 2.8 1.8 3.7 7.3 3.1 2.2 0.9 2.4 1.6 0.9 3.0 0.1 2.4
Feb 3.3 3.6 2.0 4.0 4.4 3.2 2.8 1.0 2.0 2.1 1.1 4.1 0.3 2.8
Mar 3.2 4.3 1.9 4.5 3.7 3.2 2.9 0.5 2.1 2.2 1.2 4.9 0.3 2.8
Apr 3.3 4.8 2.7 4.6 4.1 3.1 2.7 0.2 1.8 2.3 1.2 5.4 0.3 2.7
May 3.3 4.9 2.5 4.4 3.5 2.8 2.6 1.2 1.7 2.3 1.1 5.4 0.3 2.6
Jun 3.6 4.7 1.9 4.4 3.2 2.9 2.7 3.8 1.9 2.3 1.3 5.6 0.3 2.0
Jul 3.8 5.1 1.9 4.5 3.5 2.9 2.6 4.3 1.8 2.2 1.1 4.9 0.3 2.7
Aug 3.8 3.6 2.4 4.7 4.2 3.1 2.8 5.7 1.8 2.3 1.1 5.0 0.3 2.8
Sep 4.0 4.0 2.4 4.8 4.1 3.2 2.8 5.9 1.8 4.1 1.1 5.0 0.3 2.8
Oct 4.0 3.9 2.5 4.9 3.8 3.2 2.9 5.6 1.9 3.7 1.1 5.0 0.3 2.9
Nov 4.1 4.4 2.7 5.5 4.0 3.6 3.0 5.4 1.4 3.8 1.1 5.3 0.3 3.5
Dec 4.2 4.9 2.2 4.5 3.9 4.1 2.9 5.9 1.5 3.8 1.1 4.9 0.3 3.5
2022-Jan 4.0 6.3 1.9 3.1 3.5 3.0 1.9 4.4 1.3 1.9 1.0 3.7 0.3 2.2
Feb 3.7 6.1 1.8 2.8 3.5 3.0 1.3 3.7 1.2 1.4 0.3 2.7 0.2 2.1
Mar 3.6 6.5 1.8 2.4 3.2 2.8 1.3 2.9 1.0 1.1 0.2 2.4 0.2 2.5
Apr 3.8 6.6 1.2 2.3 3.9 2.8 1.3 3.9 0.6 1.0 0.2 2.1 0.2 2.4
May 4.0 5.5 1.2 2.1 4.3 3.3 1.5 7.2 0.7 1.1 0.3 2.0 0.2 2.6
Jun 4.4 5.9 1.1 2.3 4.6 3.6 1.3 8.9 0.5 1.3 0.5 1.8 0.3 2.4
Jul 4.5 6.5 1.2 2.4 4.1 3.9 1.4 8.7 0.4 1.4 0.7 1.9 0.2 2.3
Aug 4.6 7.8 0.7 2.3 3.4 3.6 1.1 8.1 0.4 1.3 0.7 1.9 0.2 2.2
Sep 4.8 8.3 1.0 2.6 3.2 3.6 1.4 7.9 1.1 1.6 0.7 1.8 0.2 2.2
Oct 4.9 9.1 0.9 2.5 3.7 4.2 1.3 6.1 1.2 2.2 0.7 2.3 -0.2 2.4
Nov 4.9 9.2 0.8 2.1 2.8 4.0 1.5 6.1 1.2 2.0 0.7 2.6 -0.2 2.3
Dec 4.8 9.7 0.8 2.6 2.7 3.7 1.7 5.1 1.3 2.0 0.7 2.7 -0.1 2.5
2023-Jan 4.9 9.9 0.6 2.5 2.0 3.0 1.8 6.2 1.7 1.0 2.9 2.8 0.0 2.1
Feb 4.8 9.6 0.4 2.6 1.5 2.8 1.8 6.0 1.6 1.2 3.3 2.7 -0.1 1.9
Mar 4.7 9.7 0.5 2.4 1.1 2.9 1.7 5.7 1.6 1.5 3.4 3.1 -0.5 1.3
Apr 4.3 9.1 0.8 2.8 0.3 3.1 1.8 4.3 1.7 1.8 3.3 3.2 -0.4 1.6
May 4.0 9.7 0.5 2.4 1.1 2.9 1.7 5.7 1.6 1.5 3.4 3.1 -0.5 1.3
Jun 3.6 7.8 1.7 3.5 1.1 2.5 1.3 -0.4 1.9 1.9 3.3 5.1 -0.4 2.6
Jul 3.3 6.1 3.8 3.4 1.2 2.7 1.9 0.4 2.1 2.2 3.3 5.1 0.2 3.9
Aug 3.3 5.6 3.7 3.4 1.4 4.1 2.1 0.6 2.1 2.5 3.3 5.1 0.2 4.0
Sep 10.5 5.6 3.6 3.0 1.3 3.9 1.7 1.0 1.7 2.7 3.5 5.4 0.1 3.9
Oct 3.2 4.5 3.5 3.0 1.0 3.4 1.7 3.1 1.4 2.8 3.5 4.9 0.6 3.6
Nov 3.2 3.7 4.1 3.3 2.8 3.6 1.4 2.9 1.3 3.4 3.5 4.5 0.6 3.5
Source: National Bureau of Statistics
22
Table A9(ii): Consumer Price Index (Urban and Rural), Twelve-Month Percentage
Change (Other Selected Groups)
Base: 2020=100
All items less

Energy, fuel food and non-
and utilities Services Education services alcoholic
Period Core index Non-core Index index index Goods index and products beverages
Weight (%) 73.9 26.1 5.7 37.2 62.8 4.1 71.8
2021-Jan 3.8 1.5 1.6 2.9 3.4 2.5 3.8
Feb 3.6 2.1 1.4 2.3 3.7 2.5 3.2
Mar 3.6 2.5 1.1 1.9 4.1 2.7 2.7
Apr 3.5 3.1 2.3 2.1 4.2 3.2 2.7
May 3.7 2.8 2.1 2.3 4.1 3.2 2.7
Jun 4.0 2.7 3.2 3.0 4.1 3.1 3.2
Jul 4.1 3.4 3.6 3.1 4.3 3.3 3.3
Aug 4.5 1.8 5.1 3.7 3.9 3.3 4.0
Sep 4.6 2.3 4.6 4.0 4.0 3.3 4.1
Oct 4.5 2.3 4.2 3.9 4.0 3.1 4.1
Nov 4.7 2.5 3.4 4.0 4.3 3.3 4.0
Dec 4.6 3.4 4.4 3.8 4.5 3.3 3.9
2022-Jan 3.3 6.0 7.3 2.9 4.7 2.3 3.1
Feb 3.0 5.6 5.8 2.4 4.4 2.2 2.7
Mar 2.7 6.1 6.3 1.9 4.5 2.0 2.4
Apr 2.8 6.5 9.9 1.7 5.0 1.4 2.6
May 3.0 6.8 13.5 2.7 4.8 1.5 3.4
Jun 3.4 7.4 12.9 3.4 5.0 1.5 3.9
Jul 3.5 7.5 11.2 3.5 5.2 1.5 3.8
Aug 3.2 9.0 9.6 3.2 5.5 1.6 3.4
Sep 3.3 9.5 7.9 3.4 5.7 1.7 3.5
Oct 3.0 10.6 8.7 2.8 6.2 1.7 3.3
Nov 2.7 11.3 7.7 2.7 6.1 1.6 3.1
Dec 2.5 11.6 7.9 2.5 6.2 1.5 2.9
2023-Jan 2.5 11.8 6.9 2.9 6.1 1.9 3.0
Feb 2.4 11.5 6.4 2.7 6.0 2.1 2.8
Mar 2.3 11.4 5.0 2.7 5.8 2.0 2.7
Apr 2.0 10.7 0.4 2.6 5.3 2.0 2.3
May 2.0 9.4 -1.1 2.2 5.0 2.3 2.1
Jun 1.7 8.7 0.0 1.6 4.7 2.3 1.8
Jul 2.1 6.6 -0.6 2.1 4.0 3.0 2.2
Aug 2.2 6.4 -0.6 2.2 4.0 3.1 2.4
Sep 2.3 6.3 0.9 2.2 4.0 3.1 2.4
Oct 2.5 5.0 0.0 2.7 3.4 3.1 2.6
Nov 2.6 5.0 5.3 2.6 3.7 3.2 3.0
23
Table A9(iii): Consumer Price Index (Urban and Rural), Month-on-Month Percentage Change (Main Groups)
Base:2020 = 100
Food and non- Alcoholic Housing, water, Furnishings, household Restaurants and Insurance Personal care, social
Headline alcoholic beverages and Clothing and electricity, gas and other equipment and routine Information and Recreation, sport Education accommodation and financial protection and miscellaneous
Period overall index beverages tobacco footwear fuels household maintenance Health Transport communication and culture services services services goods and services
Weight (%) 100.0 28.2 1.9 10.8 15.1 7.9 2.5 14.1 5.4 1.6 2.0 6.6 2.1 2.1
2021-Jan 0.8 -0.4 0.6 1.9 1.1 2.2 1.0 1.5 0.2 3.2 0.3 1.6 0.1 2.2
Feb 0.9 1.8 0.2 0.5 0.6 0.1 0.7 0.7 0.1 0.5 0.7 1.3 0.2 0.3
Mar 0.9 1.6 0.0 0.7 1.1 0.3 0.1 1.2 0.2 0.3 0.1 0.7 0.0 0.1
Apr 0.5 1.2 0.8 0.0 0.5 0.1 0.0 0.1 0.4 0.0 0.0 0.0 0.0 0.2
May 0.3 1.2 -0.1 -0.1 -0.1 0.0 0.0 0.1 0.0 0.0 -0.1 0.0 0.0 0.0
Jun 0.1 0.0 0.0 0.0 -0.1 0.1 0.7 0.2 0.1 0.0 0.2 0.2 -0.1 0.2
Jul 0.0 -0.3 0.0 0.1 0.2 0.1 0.0 0.2 0.1 0.0 -0.1 0.0 0.1 0.2
Aug -0.5 -2.5 0.5 0.3 0.5 0.2 0.1 0.6 0.0 0.1 0.0 0.0 0.0 0.2
Sep -0.1 -0.2 -0.2 -0.1 -0.1 0.1 0.1 -0.1 0.0 0.0 0.0 0.0 0.0 -0.1
Oct -0.1 -0.1 0.1 0.0 -0.3 -0.1 0.1 0.0 0.0 -0.5 0.0 0.1 0.0 0.0
Nov 0.5 0.8 0.2 0.6 0.4 0.4 0.1 0.1 0.3 0.2 0.0 0.3 0.0 0.3
Dec 0.8 1.9 0.0 0.2 0.4 0.5 0.0 1.1 0.1 0.0 0.0 0.0 0.0 0.0
2022-Jan 0.6 1.0 0.3 0.5 0.7 1.1 0.1 0.1 0.0 1.3 0.2 0.4 0.0 0.9
Feb 0.6 1.5 0.2 0.1 0.5 0.1 0.1 0.1 0.0 0.0 0.1 0.3 0.1 0.1
Mar 0.8 1.9 0.0 0.6 0.8 0.1 0.1 0.4 0.0 0.0 0.0 0.4 0.0 0.5
Apr 0.7 1.4 0.2 -0.1 1.2 0.1 0.0 1.0 0.0 -0.1 0.0 0.2 0.0 0.0
May 0.5 0.1 0.0 -0.2 -0.1 0.4 0.1 3.3 0.1 0.0 0.0 0.0 0.0 0.2
Jun 0.5 0.4 0.0 0.2 0.2 0.5 0.5 1.7 -0.1 0.2 0.4 0.0 0.1 0.0
Jul 0.1 0.3 0.0 0.2 -0.3 0.3 0.0 0.1 0.0 0.2 0.0 0.1 0.0 0.0
Aug -0.4 -1.3 0.0 0.2 -0.1 0.0 -0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.1
Sep 0.1 0.3 0.1 0.3 -0.3 0.1 0.4 -0.2 0.7 0.3 0.0 -0.1 0.0 0.0
Oct 0.0 0.6 0.1 -0.1 0.1 0.5 0.0 -1.7 0.1 0.0 0.0 0.6 -0.4 0.2
Nov 0.4 1.2 0.0 0.2 -0.4 0.2 0.3 0.1 0.3 0.0 0.0 0.5 0.0 0.2
Dec 0.8 2.0 0.1 0.6 0.3 0.2 0.2 0.2 0.2 0.1 0.0 0.2 0.1 0.3
2023-Jan 0.7 1.2 0.0 0.5 0.1 0.4 0.2 1.1 0.4 0.3 2.4 0.5 0.2 0.5
Feb 0.4 1.3 0.0 0.2 0.1 -0.1 0.0 -0.1 -0.1 0.2 0.4 0.2 0.0 -0.1
Mar 0.8 1.9 0.1 0.4 0.4 0.2 0.0 0.1 0.0 0.3 0.1 0.8 -0.4 0.0
Apri 0.4 0.8 0.5 0.4 0.4 0.3 0.1 -0.3 0.1 0.2 0.0 0.4 0.1 0.3
May 0.2 -0.4 0.7 0.2 0.5 0.2 0.0 0.3 0.2 0.1 0.3 1.5 0.0 0.3
Jun 0.1 -0.3 0.2 0.4 0.5 0.1 0.1 0.0 0.1 0.2 0.0 0.3 0.0 0.9
Jul -0.1 -1.2 2.0 0.1 -0.2 0.5 0.7 0.9 0.2 0.5 0.0 0.1 0.7 1.2
Aug -0.4 -1.8 -0.1 0.2 0.1 1.3 0.0 0.3 0.1 0.3 0.0 0.0 0.0 0.2
Sep 0.1 0.3 0.0 -0.1 -0.4 -0.1 0.0 0.2 0.3 0.5 0.2 0.2 -0.1 -0.1
Oct -0.2 -0.5 -0.1 -0.1 -0.2 0.0 0.0 0.3 -0.2 0.1 0.0 0.1 0.0 -0.2
Nov 0.4 0.4 0.7 0.5 1.4 0.4 0.0 0.0 0.1 0.6 0.0 0.1 0.1 0.2
24
Table A9(iv): National Consumer Price Index (Urban and Rural), Month-on-Month
Percentage Change (Other Selected Groups)
Base: 2020 = 100
Education services and All items less food

Energy, fuel products ancillary to and non-alcoholic
Period Core Non-core and utilities Services Goods education beverages
Weight (%) 73.9 26.1 5.7 37.2 62.8 4.1 71.8
2021-Jan 1.7 -1.3 -1.7 1.2 0.7 2.1 n.a
Feb 0.5 2.0 1.8 0.6 1.0 0.2 n.a
Mar 0.7 1.8 1.8 0.7 1.1 0.3 0.7
Apr 0.3 1.0 1.1 0.4 0.6 0.6 0.2
May 0.3 0.2 -1.1 0.0 0.4 0.0 -0.1
Jun 0.1 0.0 0.1 0.0 0.1 0.1 0.1
Jul -0.1 0.2 1.0 0.0 0.0 -0.1 0.1
Aug 0.2 -2.6 1.5 0.2 -0.9 0.0 0.3
Sep 0.0 -0.2 -0.5 0.0 -0.1 0.0 0.0
Oct -0.1 -0.2 -0.7 0.0 -0.2 -0.2 -0.1
Nov 0.4 0.7 0.0 0.2 0.6 0.2 0.3
Dec 0.4 2.1 1.0 0.3 1.1 0.1 0.4
2022-Jan 0.4 1.2 1.0 0.3 0.9 1.1 0.5
Feb 0.2 1.5 0.4 0.2 0.8 0.1 0.2
Mar 0.3 2.2 2.3 0.2 1.2 0.1 0.4
Apr 0.5 1.4 4.5 0.2 1.0 0.0 0.5
May 0.5 0.5 2.2 0.9 0.3 0.0 0.7
Jun 0.4 0.5 -0.5 0.8 0.3 0.1 0.5
Jul 0.0 0.3 -0.6 0.0 0.2 0.0 0.0
Aug -0.1 -0.2 0.1 0.0 -0.6 0.1 0.0
Sep 0.0 0.2 -2.0 0.2 0.1 0.1 0.0
Oct -0.3 0.8 0.0 -0.5 0.3 -0.1 -0.2
Nov 0.1 1.3 -0.9 0.2 0.5 0.0 0.1

Dec 0.2 2.3 1.1 0.1 1.2 0.0 0.3
2023-Jan 0.5 1.3 0.2 0.7 0.8 1.5 0.5
Feb 0.1 1.3 -0.1 0.1 0.6 0.3 0.0
Mar 0.2 2.1 1.0 0.2 1.1 0.0 0.3
Apr 0.2 0.7 -0.1 0.1 0.5 0.0 0.2
May 0.5 -0.7 0.7 0.5 0.0 0.3 0.4
Jun 0.2 -0.1 0.7 0.2 0.0 0.1 0.2
Jul 0.4 -1.6 -1.2 0.5 -0.5 0.7 0.4
Aug 0.1 -1.5 0.1 0.2 -0.7 0.2 0.3
Sep 0.1 0.2 -0.5 0.1 0.1 0.1 0.0
Oct -0.1 -0.4 -0.1 0.0 -0.2 -0.1 0.0
Nov 0.2 1.3 3.5 0.0 0.8 0.1 0.5
25
Table A10: National Debt Developments
Millions of USD
Item Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23r Nov-23p
2
1. Overal total external debt committed 38,303.0 39,200.3 39,443.5 39,424.6 41,374.6 41,012.3 41,157.9 43,171.6 41,918.4 42,729.8 42,871.4 42,703.6 42,811.1
Disbursed outstanding debt 25,677.0 26,469.2 26,638.0 26,468.8 27,266.1 27,175.5 27,153.2 27,889.3 27,230.8 27,426.0 27,533.2 27,636.4 27,957.2
Undisbursed debt 12,626.0 12,731.1 12,805.5 12,955.8 14,108.5 13,836.8 14,004.7 15,282.3 14,687.7 15,303.9 15,338.1 15,067.2 14,853.9
2. Disbursed external debt by creditor category 2 25,677.0 26,469.2 26,638.0 26,468.8 27,266.1 27,175.5 27,153.2 27,889.3 27,230.8 27,426.0 27,533.2 27,636.4 27,957.2
Bilateral debt 1,100.9 1,158.4 1,174.6 1,139.0 1,147.1 1,149.5 1,114.5 1,114.5 1,096.8 1,070.6 1,062.7 1,052.0 1,060.3
Multilateral debt 12,914.6 13,656.7 13,812.7 13,672.3 14,036.2 14,261.4 14,165.1 14,663.3 14,136.7 14,696.1 14,726.0 14,831.8 15,101.1
Commercial debt 7,459.8 7,391.5 7,403.1 7,350.9 7,749.2 7,467.7 7,548.0 8,053.4 8,125.5 7,970.6 7,985.7 8,007.7 8,058.5
Export credits 4,201.7 4,262.6 4,247.6 4,306.6 4,333.6 4,296.9 4,325.6 4,058.1 3,871.9 3,688.7 3,758.8 3,744.8 3,737.3
3. Disbursed external debt by borrower category 2 25,677.0 26,469.2 26,638.0 26,468.8 27,266.1 27,175.5 27,153.2 27,889.3 27,230.8 27,426.0 27,533.2 27,636.4 27,957.2
Central government 19,428.6 20,187.6 20,326.0 20,078.8 20,846.7 20,899.7 20,796.0 21,676.0 21,250.6 21,750.1 21,829.6 21,873.4 22,204.6
Public corporations 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7 23.7
Private sector 6,224.7 6,257.9 6,288.3 6,366.3 6,395.7 6,252.1 6,333.5 6,189.6 5,956.5 5,652.2 5,679.9 5,739.3 5,728.9
4. Disbursed external debt by currency 2 25,677.0 26,469.2 26,638.0 26,468.8 27,266.1 27,175.5 27,153.2 27,889.3 27,230.8 27,426.0 27,533.2 27,636.4 27,957.2
United States Dollar 17,714.7 18,282.5 18,264.0 18,262.2 18,473.2 18,293.6 18,273.1 18,831.6 18,424.1 18,356.0 18,578.6 18,742.2 18,983.7
Euro 3,778.2 3,918.9 4,023.4 3,945.1 4,412.7 4,462.7 4,529.4 4,676.4 4,491.3 4,644.5 4,594.0 4,563.2 4,541.2
Chinese Yuan 1,441.6 1,462.7 1,490.3 1,461.4 1,503.2 1,524.8 1,491.2 1,513.8 1,529.9 1,582.5 1,572.0 1,578.3 1,739.5
Others 2,742.5 2,805.1 2,860.2 2,800.2 2,876.9 2,894.4 2,859.5 2,867.5 2,785.6 2,843.1 2,788.7 2,752.7 2,692.8
2
5. Disbursed external debt by use of funds 25,677.0 26,469.2 26,638.0 26,468.8 27,266.1 27,175.5 27,153.2 27,889.3 27,230.8 27,426.0 27,533.2 27,636.4 27,957.2
Balance of payments and budget support 3,094.0 2,954.0 2,954.0 2,954.0 2,954.0 2,954.0 2,954.0 2,954.0 2,954.0 2,954.0 3,854.1 3,840.4 3,844.8
Transport and telecommunication 5,476.0 5,555.8 5,530.0 5,530.0 5,530.0 5,530.0 5,530.0 5,604.2 5,604.2 5,604.2 6,130.3 6,168.9 6,208.7
Agriculture 1,365.0 1,378.0 1,382.0 1,382.0 1,482.0 1,482.0 1,482.0 1,482.0 1,482.0 1,482.0 1,352.2 1,346.2 1,347.9
Energy and mining 4,077.0 4,045.0 4,045.6 3,945.6 4,045.6 4,025.6 4,025.6 4,225.6 4,225.6 4,175.6 4,096.5 4,237.8 4,354.1
Industries 1,291.4 1,285.0 1,265.0 1,243.4 1,243.4 1,243.4 1,243.4 1,443.2 1,432.1 1,432.1 1,010.5 977.8 977.8
Social welfare and education 4,403.0 4,614.0 4,664.0 4,684.0 4,664.0 4,644.0 4,642.0 4,534.1 4,508.7 4,503.9 5,139.8 5,117.0 5,217.6
Finance and insurance 990.0 782.8 878.0 898.0 878.0 878.0 878.0 978.0 978.0 978.0 1,092.1 1,091.5 1,117.6
Tourism 258.0 270.0 309.0 349.0 309.3 309.3 309.3 409.3 409.3 409.3 358.7 367.8 376.8
Real estate and construction 1,882.0 1,888.5 1,868.6 1,788.6 1,868.6 1,848.6 1,848.3 2,218.3 2,196.3 2,146.3 1,902.0 2,012.1 2,013.8
Other 2,840.6 3,696.1 3,741.8 3,694.2 4,291.2 4,260.6 4,240.6 4,040.6 3,440.6 3,740.6 2,597.1 2,477.0 2,498.0
6. External debt disbursements 1 224.0 822.2 28.3 97.6 685.0 248.0 262.6 905.3 333.0 144.7 119.3 357.0 324.7
Central government 179.9 692.2 28.1 97.6 683.5 230.9 248.3 847.6 243.0 110.5 59.2 304.4 296.8
Public corporations 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Private Sector 44.1 130.0 0.2 0.0 1.5 17.1 14.3 57.7 90.0 34.2 60.1 52.6 27.9
1
7. Actual external debt service 210.0 143.2 106.1 73.4 57.0 330.5 179.9 176.2 138.9 76.0 35.1 317.3 21.6
Principal 136.1 108.7 81.7 54.9 45.6 227.7 147.6 129.6 111.9 55.9 14.5 213.3 14.9
Interest 73.9 34.5 24.4 18.5 11.4 102.8 32.3 46.6 27.0 20.0 20.6 104.0 6.7
Other payments 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
1
8. Net flows on external debt 87.9 713.5 -53.4 42.7 639.4 20.3 115.0 775.8 221.1 88.8 104.8 143.7 309.8
9. Net transfers on external debt 1 14.0 679.0 -77.8 24.2 628.0 -82.5 82.7 729.2 194.1 68.7 84.2 39.8 303.0
10. External debt arrears by creditors category 2 5,321.2 5,823.9 5,764.2 5,754.5 5,850.6 5,638.5 3,847.3 5,251.8 4,403.0 3,629.0 3,221.0 3,240.6 3,616.8
Principal 2,915.5 3,286.4 3,183.5 3,159.2 3,208.7 3,015.3 1,220.6 2,888.4 2,292.6 2,392.4 1,896.3 1,858.7 2,126.8
Bilateral debt 349.7 359.1 355.0 298.4 299.0 300.1 122.4 122.6 122.9 229.5 122.5 228.7 231.5
Multilateral debt 165.4 178.2 181.0 186.0 189.7 180.1 177.9 84.9 62.0 62.0 38.3 33.6 33.6
Commercial debt 1,231.0 1,488.1 1,488.0 1,512.2 1,556.8 1,364.6 354.7 1,733.6 1,316.3 1,310.2 1,067.2 982.7 1,073.9
Export credits 1,169.4 1,261.0 1,159.5 1,162.6 1,163.2 1,170.5 565.6 947.3 791.3 790.7 668.4 613.8 787.7
Interest 2,405.7 2,537.5 2,580.7 2,595.3 2,641.9 2,623.2 2,626.7 2,363.4 2,110.4 1,236.5 1,324.7 1,381.8 1,490.0
Bilateral debt 1,081.0 1,113.4 1,130.0 1,122.7 1,129.4 1,131.9 1,114.5 1,118.3 1,123.5 251.3 251.3 251.8 251.9
Multilateral debt 15.4 16.7 15.5 16.8 19.0 12.9 12.4 60.7 50.4 50.4 46.6 40.0 40.0
Commercial debt 714.2 785.4 803.4 819.0 847.5 827.9 838.7 763.9 620.0 618.8 642.6 672.0 713.4
Export credits 595.1 622.0 631.8 636.8 646.0 650.5 661.1 420.5 316.6 316.1 384.2 418.1 484.7
11. External debt stock 28,082.7 29,006.7 29,218.7 29,064.1 29,908.0 29,798.7 29,779.9 30,252.7 29,341.2 28,662.5 28,857.9 29,018.2 29,447.2
12. Domestic debt stock 11,528.0 11,073.7 11,472.8 11,804.3 11,617.6 12,411.1 12,219.3 12,428.3 11,961.6 11,959.3 11,866.4 12,060.1 12,032.2
13. Total debt stock 39,610.7 40,080.4 40,691.5 40,868.4 41,525.6 42,209.8 41,999.2 42,681.0 41,302.8 40,621.7 40,724.3 41,078.3 41,479.4
End period exchange rate 2,308.5 2,308.9 2,309.3 2,309.9 2,311.4 2,313.5 2,319.2 2,327.5 2,383.1 2,443.8 2,481.8 2,480.9 2,509.2
Source:Ministry of Finance, and Bank of Tanzania
Note:Multilateral arrears are those owed by the private sector; 1 denotes debt flows during the period; 2
denotes stock position at the end of the period; r is revised; and p is provisional.
26
Glossary
Broad money (M2) External debt stock
A definition of money that comprises narrow The stock of a country's debt that is
money (M1) plus domestic currency time borrowed from foreign lenders through
and savings deposits of residents with private commercial banks, foreign
banks in the country. governments, or international financial
institutions. It is the sum of public, publicly
Currency in circulation outside banks guaranteed, and private non-guaranteed
long-term debt, use of IMF credit, and short-
Notes and coins of Tanzanian shillings
term debt, which includes all debt having an
circulating outside the banking system, i.e.
original maturity of one year or less and
outside the Bank of Tanzania and other
interest in arrears on long-term debt.
depository corporations.
Food inflation
Core inflation
This is a measure of the rate of change in
This measures the rate of change in prices
the price of food both processed and
of goods and services other than energy,
unprocessed.
utilities and unprocessed food, over a
specified period of time. The unprocessed
Gross official reserves
food items, energy and utilities are excluded
since they are volatile and hence may be Gross official reserves consist of external
affected by non-monetary events, which do assets that are readily available to and
not constitute the underlying monetary controlled by the Bank of Tanzania for direct
inflation. financing of balance of payments, and for
indirectly regulating the magnitude of
Disbursed outstanding debt balance of payments imbalances through
intervention in foreign exchange markets.
This is the amount of debt that has been
Gross official reserves comprise the Bank of
disbursed but is yet to be paid back or
Tanzania’s holdings of monetary gold,
forgiven.
Special Drawing Rights (SDRs), reserve
position in the International Monetary Fund,
Discount rate
and foreign exchange resources, available
The rate of interest that the Bank of to the Bank of Tanzania for meeting external
Tanzania charges on loans it extends to financing needs.
banks. It uses Treasury bills rate as a base
plus a loaded factor, which can be changed Inflation
from time to time depending on the liquidity
The rate at which the average level of prices
situation in the market.
of a basket of selected goods and services
in an economy is increasing over a period of
Exchange rate
time. It is often expressed as a percentage.
The price at which one unit of a currency Inflation indicates a decrease in the
can be purchased with another currency, for purchasing power of a nation's currency.
instance TZS per US dollar.
Interbank cash market
Extended broad money (M3)
A money market in which banks extend
A definition of money that consists of broad loans to one another for a specified term of
money (M2) plus foreign currency deposits not more than 90 days. Each transaction
of residents with banks in the country. represents an agreement between the
banks to exchange the agreed amounts of
currency at the specified rate on a fixed
date.
27
Lombard facility Primary income account
An overnight facility was established to It comprises income from compensation of
enable banks to borrow from the Bank of employees, interest income, dividends and
Tanzania at their own discretion, by retained earnings from capital investments,
pledging eligible government securities as rental income from the use of natural
collateral. resources and other types of primary
income including those that relate to
Lombard rate insurance policy holders and pension funds.
The rate the Bank of Tanzania charges a
Secondary income account
bank for borrowing through the use of a
Lombard Facility. This rate is computed It entails transfers between residents and
based on the prevailing weighted average non-residents that correspond to the
yield of 35-day T-bill, repo or overnight inter- provision of a good, service, financial asset,
bank rate, whichever is higher in the market or other non-produced asset with no
plus a margin. corresponding return of an item of economic
value.
Money supply
Overnight interbank cash market
The sum of currency circulating outside the
banking system and deposits of residents The component of the money market
with banks defined in various levels of involving the shortest-term loan. Lenders
aggregation. In Tanzania, three aggregates agree to lend borrowers funds only
of money supply are compiled and reported, "overnight" i.e. the borrower must repay the
namely; narrow money (M1), broad money borrowed funds plus interest at the start of
(M2), and extended broad money (M3). business the next day.
Non-food inflation Repurchase agreements (repo)

This is a measure of price movements An arrangement involving sale of securities
caused by factors other than food prices. at a specified price with commitment to
repurchase the same or similar securities at
Narrow money (M1) a fixed price on a specified future date.
Consists of currency in circulation outside
Reverse repo
banking system plus demand deposits
(cheque account) of residents with banks in An arrangement involving buying of
the country. securities at a specified price with
commitment to resale the same or similar
National debt securities at a fixed price on a specified
future date.
Total national debt obligations that include
public debt and private sector external debt.
Reserve money (M0)
Public debt The Bank of Tanzania’s liabilities in the form
of currency in circulation outside the banking
Debt payable or guaranteed by the
system, cash held by banks in their vaults
Government. Tanzania’s public debt has two
and deposits of banks kept with the Bank of
main components, domestic debt (which is
Tanzania in national currency. Reserve
incurred principally to finance fiscal deficit)
money is also referred to as base money, or
and external debt (which is raised primarily
monetary base or high-powered money.
to finance development projects). It
comprises the debt central government
Weighted yields of Treasury bills
owes to foreign creditors and external
obligations of government departments and This is the average yield of Treasury bills,
agencies that are guaranteed for repayment which is weighted by the volume sold of 35-
by the Government). day, 91-day, 182-day, and 364-day Treasury
bills, expressed in percentage per year.
28
For enquiries please contact:
Bank of Tanzania, 16 Jakaya Kikwete Road
P.O Box 2303
40184 Dodoma, Tanzania
Tel: +255 22 223 2501/3022
This report is also available at http://www.bot.go.tz
29

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1.0 Global Economic Situation .................................................................................................................. 1

2.0 Domestic Economic Performance....................................................................................................... 1

2.1 Inflation .......................................................................................................................................... 1

2.2 Money and Credit ........................................................................................................................... 3

2.3 Interest Rates ................................................................................................................................. 4

2.4 Financial Markets ........................................................................................................................... 4

2.5 Government Budgetary Operations ................................................................................................ 6

2.6 Debt Developments ........................................................................................................................ 6

2.7 External Sector Performance ......................................................................................................... 8

3.0 Economic Performance in Zanzibar .................................................................................................. 11

3.1 Inflation ....................................................................................................................................... 11

3.2 Government Budgetary Operations .............................................................................................. 11

3.3 External Sector Performance ..................................................................................................... 12

Statistical Tables ....................................................................................................................................... 14

Source: National Bureau of Statistics and Bank of Tanzania

MPC decided to sustain the implementation of a less

Inflation stabilized at 3.2 percent in November

Source: National Bureau of Statistics and Bank of Tanzania -75

Source: Ministry of Investment Industry and Trade, and Bank of

Source: National Bureau of Statistics and Bank of Tanzania -30

Period 2019 2020 2021 2022 2023

May 68,058 38,291 108,284 149,402 51,367

the target of 16.4 percent set by the end of

percent. The spread between one-year interest

16.7 16.8 16.0 16.0 15.9 16.2 16.0 16.3 15.4

combined tender size of TZS 325.6 billion to cater

undersubscribed, attracting bids amounting to TZS

The Bank conducted 2-, 15- and 20-years Treasury

preceding auctions. preceding three months. Further, the Bank

Interbank Cash Market demand were reduced to none as foreign

TZS per USD

20 2,240 Billions of TZS

External debt stock (public and private) recorded a

monthly increase of 1.5 percent to USD 29,447.2

million, resulting from net inflows. Of this amount,

external debt owed to the central government was

Interest arrears 1,081.0 3.8 251.8 0.9 251.9 0.9

Commercial 8,174.0 29.1 8,679.7 29.9 8,771.9 29.8

Export credit 4,796.8 17.1 4,162.9 14.3 4,222.0 14.3

Interest arrears 595.1 2.1 418.1 1.4 484.7 1.6

External debt stock 28,082.7 100.0 29,018.2 100.0 29,447.2 100.0

Note: DOD denotes disbursed outstanding debt; r, revised data;

and p, provisional data

Source: Ministry of Finance and Bank of Tanzania

596.2 On foreign exchange reserves, the stock was USD

190.0 218.6 176.4

country benchmark of 4 months (Chart 2.7.1).

Chart 2.7.1 Foreign Exchange Reserves

Gold Manufactured Traditional Horticultural Other Cereals Other non-

4,000 4 goods exports products minerals traditional

2,000 2 Source: Tanzania Revenue Authority and Bank of Tanzania

exports include oil seeds, beans, cocoa, raw hides and

Export of non-traditional goods grew by 5.8 percent

Industrial transport equipment 92.5 90.9 79.3 770.1 973.9 26.5

Intermediate goods 873.7 916.0 931.2 10,061.3 9,459.3 -6.0

Fertilisers 94.7 65.6 41.4 470.3 446.4 -5.1

Fuel and lubricants 301.6 311.3 377.7 3,425.1 3,003.9 -12.3