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| An aerial view of Dar es Salaam city |
Tanzania's current account deficit widened in the year to November
despite a 47.4 percent surge in gold exports, due to a rise in oil imports for
power generation, central bank data showed.
Here are key points from the Bank of Tanzania's latest report:
* In the year to November the current account deficit widened 75.1
percent to US $4.3 billion.
* Gross official foreign exchange reserves held by the central bank
fell to $3.484 billion, or 4 months of import cover, from $3.735 billion a year
ago.
*During the period under review, gross foreign assets of private
commercial banks were $1.117 billion.
* The average interbank interest rate rose to 15.81 percent in
November, from 10.09 percent in October.
* The average deposit rate stood at 2.87 percent in November, up from
2.59 percent in October, while lending rates were at 14.13 percent, down from
14.91 percent a month earlier.
* Tanzania's national debt increased to $12.588 billion in the year to
November from $12.529 billion at the end of October.
* Gold, the country's top foreign exchange earner, fetched $2.194
billion in the year to November largely due to higher prices and export
volumes, up from $1.488 billion a year ago. Tanzania is Africa's fourth-largest
gold producer. The price of gold at the world market went up by 28.6 percent to
$1.547.4 per troy ounce, while the export volume of the precious metal rose to
40.6 tons from 35.6 tons previously.
* Tourism earnings increased to $1.245 billion from $1.15 billion a
year ago, helped by a rise in arrivals, the average length of stay and average
expenditure per tourist per night.
* Revenue collection in November was 531.6 billion Tanzanian shillings,
or 103 percent of the target.
* Imports of goods and services jumped 32.3 percent to $11.58 billion
from $8.75 billion, mostly due to a rise in oil imports.
* Oil imports soared by 49.7 percent to $2.957 billion due to a rise in
both volume and prices. Volumes rose 15.5 percent to 3.6 million tonnes, partly
due to increased demand for oil for thermal power generation amid chronic
energy shortages.
* Earnings from traditional exports -- tobacco, cotton, coffee, cashew
nuts and tea -- increased to $647.6 million from $532.1 million, due to an
increase in prices and volumes.
* Credit to the private sector grew at an annual rate of 30.3 percent
in November from 19.2 percent a year ago.
Source: Reuters, , reported by by Fumbuka Ng'wanakilala in Dar es Salaam
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