A statement issued by the Exim Bank Tanzania Managing Director, Anthony Grant, said the new window will offer clients a more convenient way to make import and export bill settlements in Chinese Yuan Renminbi (CNY/RMB).
Grant noted that his bank has already entered into partnership with Hongkong based bank HSBC, adding that the new facility will offer better exchange rates to traders between the two countries.
“The setup of Tanzania- China Trade Window is part of our strategy to support the fast-growing banking needs of Tanzania and Chinese traders. With this new window, traders from Tanzania and China will have a convenient banking platform to send and receive cash.
Grant said his bank came up with the idea of opening the Tanzania-China Trade Window following an increase in trade volume between Tanzania and China in the recent years.
“We believe the Exim Bank- China Trade window will be a catalyst in doubling trade between the two countries in the next few years to come,” he said.
“This new window will offer better negotiation opportunities and transparent pricing deals to Tanzanians with suppliers or buyers in China and other trade related services,” he said.
According to statistics from the Bank of Tanzania (BoT), Tanzania’s exports to China increased from 101bn/- in 2005 to 908bn/- in 2010, a nine-fold upswing, while imports from Beijing rose from 245bn/- to 1.213tr/-, went up five times over the same period.
“This new window will offer better negotiation opportunities and transparent pricing deals to Tanzanians with suppliers or buyers in China and other trade related services,” he said.
According to statistics from the Bank of Tanzania (BoT), Tanzania’s exports to China increased from 101bn/- in 2005 to 908bn/- in 2010, a nine-fold upswing, while imports from Beijing rose from 245bn/- to 1.213tr/-, went up five times over the same period.
Source: The Daily News, reported from Dar es Salaam
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