Bank of Tanzania (BOT)

The Bank of Tanzania (BOT) is the central Bank of the United Republic of Tanzania. It came into operation on 14 June 1966, under the Bank of Tanzania Act, 1965. The Bank of Tanzania Act, 1995 replaced the earlier Act. According to this Act, the primary objective of the Bank is to exercise the functions of a central bank and to formulate and implement monetary policy, directed to the economic objective of maintaining price stability, conducive to a balanced and sustainable growth of the national economy of Tanzania.

Concerning day-to-day monetary policy operations, the Bank of Tanzania is autonomous. However, commensurate with the accountability postulate, regular consultations shall be held between the Governor and the Governments on monetary policy.

The Board of Directors, the Bank's top decision making body, consists of the Governor and the Deputy Governor, who are appointed by the President for a period of five years, one representative each for the Governments (Principal Secretaries to the respective Ministries of Finance), and six other Directors.