Tanzanian President Says Central Bank ‘Must’ Defend Currency And Stop The “Dollarization” Of The Economy

Tanzania’s central bank should rally to the defense of the shilling by taking steps such as stopping the “dollarization” of the economy, President John Magufuli said.

The currency of the natural gas-producing country has weakened almost 2 percent against the dollar this year, extending depreciation of 19 percent in 2015. Tanzania held $3.9 billion of gross international reserves at end-March, sufficient for 4.1 months of imports.

Neighboring Kenya and Rwanda have secured stand-by facilities from the International Monetary Fund that they can use to underpin their economies in times of shock. Read more on this story here.