Mr Zitto. |
“It goes against President Jakaya Kikwete’s pronouncements in
international that his government is committed to disseminating information. It
can also be an attempt to hide crucial data to give the impression that the economy
is doing well while it isn’t.”
He hinted that he had heard of a report of foreign currency reserves
having declined to the equivalent of one month of imports, down from about four
months of imports a few years ago.
The Kigoma North lawmaker on a Chadema ticket noted in a statement
yesterday that there was no sound reason for BoT’s failure to publish the
reports monthly for the last six months.The last monthly economic report
released covers November 2011. The bank also did not publish a quarterly economic
bulletin.
Mr Kabwe said it was the BoT’s duty to keep information up-to-date in
monthly and quarterly reports. “These
documents provide information on all important issues relating to the economy
such as inflation, revenue and expenditure, international trade trend and debts
of the United Republic and Zanzibar.”
He urged Prof Ndulu to ensure that monthly reviews were published at
the right time. He said by the end of the week starting from yesterday, the
central bank website should contain information of December, January, February,
March and April.
However, BoT governor Benno Ndulu responded to accusations, saying
various reasons including a change in the mode of publishing them delayed the
process. “The Monetary Policy Committee used to meet monthly, however, since
January it has been meeting once in two months. The change has led to delays in
publishing the reports,” Prof Ndulu told The Citizen yesterday by phone.
He said BoT would stop issuing
such documents monthly and instead they would be made available once in two
months. “But the reports will contain details of the two months.”He allayed
fears that the bank was running out of foreign exchange reserves, saying it had
$3.6 billion, which could cover four months of imports.
He promised that the bank would release reports of up to February in
the coming few days. “We never hide any information. We have an open door
policy. It is the change of some procedures that that has delayed the
publication of the reports.”
Financial gurus and economists have warned that BoT delays to publish
the reports would have negative implications to the economy as most
organisations and foreign investors depended on them to make their decisions.
Unavailability of up-to-date
data on the central bank website raises questions of its credibility and
ability to deliver,” said a Mzumbe University economics lecturer, Dr Honest
Ngowi. “The delays have direct, negative impacts on researchers who are doing
studies in macroeconomic reviews because without data from the central bank
they won’t be able to update information.”
Dr Ngowi said some researchers in Tanzania were sourcing data about the
country from international organisations such as the UN Conference on Trade and
Development.Apart from BoT, the Tanzania Investment Centre has been delaying in
issuing investment reports.
Source: The Citizen,www.thecitizen.co.tz, reported by Sturmius Mtweve
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