The Bank of Tanzania is the central bank of the United Republic of Tanzania. It is responsible for issuing the national currency, the Tanzanian shilling.
The bank was established under the Bank of Tanzania Act 1965. However, in 1995, the government decided that the central bank had too many responsibilities, thus hindering its other objectives. As a result, the government introduced the Bank of Tanzania Act 1995, which gave the bank the single objective of monetary policy.
It is governed by a board of directors consisting of ten people, four of whom are ex officio members which have three advisory committees that can assist them. The bank is headed by its Governor, assisted by three deputy governors in Administration, Economic and financial policies and Financial stability.
History
The Bank of Tanzania was chartered by the first parliament of Tanzania through the Bank of Tanzania Act of 1965 following the dissolution of the East African Currency Board in 1965.[2][3] The bank commenced operations on June 14, 1966, and was inaugurated by the first president of Tanzania, Mwalimu Julius Kambarage Nyerere