2020-01-08

A circular dated January 8, 2020 regarding extending the work period for the tourism sector support initiative and the retail loan initiative for workers in the tourism sector until the end of 2020.

The Bank of Tanzania (BOT) has announced plans to reduce the statutory reserve requirements (SRRs) for both foreign and domestic commercial banks in a phased manner. The first phase will see a reduction of 50 basis points for both types of banks by the end of December 2020, followed by another cut of 25 basis points. This is expected to provide additional liquidity of about $1.2 billion. In addition, the BOT has proposed an amendment to the IFRS9 financial reporting standard, with the aim to address potential challenges faced during its implementation. The Central Bank of Tanzania believes that these measures will help foster growth and stability in the economy while ensuring prudent financial management."

Egypt

Central Bank of Egypt

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