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Tanzania central bank asks commercial banks to cut lending rates
DAR ES SALAAM (Capital Markets in Africa) – Tanzania’s central bank has asked commercial banks to consider lowering their lending rates to help spark credit growth in east Africa’s second-largest economy. Bank of Tanzania cut its discount rate to 12 percent from 16 percent effectively from March 6, the first time it has lowered borrowing costs since 2013, after a steep drop in private-sector credit growth last year. There were expectations that the move “will enhance…
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