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The President of Zanzibar and Chairman of the Revolutionary Council, Dr. Hussein Ali Mwinyi, has praised the Bank of Tanzania (BoT) for its steadfast management of the country’s economy.
He made these remarks during an Iftar event organized by BoT at the Madinat Al Bahr Hotel in Zanzibar.
“I am highly satisfied with the economic guidance provided by the central bank, which is why the economies of both Zanzibar and Tanzania have shown significant growth while maintaining effective control over inflation,” said Dr. Mwinyi.
He urged for continued collaboration between the Revolutionary Government of Zanzibar and the Bank of Tanzania to ensure sustained economic development that benefits all citizens.
The President also commended the central bank for its tradition of hosting Iftar gatherings during the holy month of Ramadan, catering to special groups such as the elderly, children, and people with disabilities.
“In Zanzibar, we have a strong tradition of supporting the community, especially during Ramadan. I truly appreciate the central bank for embracing this tradition as well. We commend your efforts,” he added.
On his part, the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, emphasized the continued improvement of Tanzania's economy, with notable growth in the financial sector and a low inflation rate that remains below the global average.
“Last year, our economy showed consistent growth, with Mainland Tanzania growing at 5.4 percent and Zanzibar at 7 percent,” stated Mr. Tutuba.
He further explained that the Bank of Tanzania has successfully managed inflation, positioning Tanzania as the third-lowest in the world for inflation rates in 2024.
“In Mainland Tanzania, inflation stood at 3.1 percent, while Zanzibar recorded 4.5 percent, both significantly below the global average of 4.7 percent,” he said.
Governor Tutuba also addressed challenges within the financial services sector, emphasizing the importance of financial literacy.
He encouraged citizens to make informed financial decisions by increasing their understanding of financial matters.
To promote this, the Bank of Tanzania has developed financial education guidelines for both formal and informal learners, aiming to raise public awareness and enhance the economic well-being of the nation.