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Bank of Tanzania's Recent Monetary Policy Transformation to an Interest Rate Based Policy Framework

 Bank of Tanzania's Monetary Policy Committee Statement: The Monetary Policy Committee (MPC) met on 18th January 2024. This was the first-ever meeting in which the Bank of Tanzania began implementing monetary policy using interest rates. The MPC noted that the Bank of Tanzania's transition from monetary targeting to an interest rate (or price)- based monetary policy framework is a significant milestone in monetary policy transformation in the country. This forward-looking framework is expected to improve the effectiveness of monetary policy in the changing economic environment. It is also a fulfilment of the country's commitment to the implementation of the EAC Monetary Union Protocol.

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