From CapeNews.Net By ELIZABETH W. SAITO August 8, 2014 Forty years ago today, President Richard M.
Act No. 4 on the Bank of Tanzania
(enacted in 2006)
Act No. 4 on the Bank of Tanzania of 2006 regulates the activities of the Bank of Tanzania.
This act provides for the regulatory role of the Bank of Tanzania in relation to the formulation and implementation of monetary policy; supervision of banks and financial institutions; compilation, analysis and publication of national economic statistics; setting up of a credit reference system; and other related matters.
The Act discusses:
- Preliminary provisions;
- Establishment of the Bank of Tanzania;
- Principal functions of the Bank of Tanzania;
- Regulatory and supervisory functions with respect to clearance and settlement systems;
- Formulation and implementation of monetary policy;
- Capital reserves and accounts of the Bank of Tanzania;
- General reserve fund, etc, and allocation of profits;
- Losses charged on consolidated fund;
- Accounting, auditing and reporting;
- Liquidation and winding up of the Bank of Tanzania;
- Financial relations with other banks;
- Power to conduct examinations of banks or financial institutions;
- Credit reference system; and
- Immunity of the Bank of Tanzania.