The Board of Directors of the Bank of Tanzania (BoT) approved the distribution of TZS 300 billion (USD 135 million at current change) to the Government due to the benefits achieved during the 2016/17 financial year.
The core functions of BOT are not to make profits; however, when it comes to profit has been achieved, much part is provided as a dividend to the Government.
According to the Bank’s Central Bank Act, 2006, the primary responsibility of the Bank is Tanzania is preparing and implementing a financial policy aimed at controlling inflation and create a stable and efficient financial system for the sustainable growth of the national economy.
Other duties are to publish the notes and coins of the Tanzania Shilling; management of bankers and financial institutions; manage and control national payment systems; store savings of foreign currency; providing economic and financial advice to the Government of the Republic Tanzania Union and the Revolutionary Government of Zanzibar; is the Government of the Government and its institutions, and are banks of the Bankers.
Section 18 (5) of the Bank of Tanzania Act of 2006 provides the Bank the authority to provide a government contribution to the benefit of the beneficiary.
