UPDATE 1-Tanzanian economy grew at 4.7% in H1 2021 – central bank

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DAR ES SALAAM, Nov 16 (Businesshala) – Mainland Tanzania’s economy grew at 4.7% in the first half of 2021, compared to 4.9% for the same period of 2020, the Bank of Tanzania said on Tuesday.

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Inflation remained within the 3-5% target and revenues performed “satisfactorily”, the East African country’s central bank said in a statement.

In the semi-autonomous archipelago Zanzibar, the economy grew at 6.5% in the second quarter of 2021, compared to a negative 1.4% in the same quarter in 2020, the statement said.

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In mainland Tanzania, growth was 4.3% in the second quarter of 2021, compared to 4.0% in the second quarter of 2020.

The central bank said it is optimistic about Tanzania’s growth prospects.

“The MPC (Monetary Policy Committee) agreed with the Bank of Tanzania to maintain a liberal monetary stance in November and December 2021 to facilitate the recovery of the economy,” the statement said.

Last week, Tanzania’s central bank said here that it would target individuals and government officials in new measures to reduce non-performing loans. (Reporting by Nujulac Dausen; Writing by Aynat Mercy; Editing by Jan Harvey, William McLean)

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