ZANZIBAR: THE Bank of Tanzania (BoT) has been urged to continue supporting national efforts to maintain economic stability and preserve the value of the Tanzanian shilling for the benefit of both Mainland Tanzania and Zanzibar.
The call was made by Unguja Urban West Regional Commissioner, Mr Mohammed Ali Abdallah, during a ceremony to hand over sanitation equipment donated by the central bank as part of its 60th anniversary celebrations.
The event was held at the BoT branch office in Kinazini, Zanzibar. Mr Abdallah described the Bank of Tanzania as the engine of the country’s economy, noting that its role is critical in safeguarding economic stability and supporting sustainable growth.
He commended the bank for its contribution to maintaining economic resilience and strengthening Tanzania’s financial system, which he said compares favourably with those of many countries in East, Central and the wider African region.
The Regional Commissioner also praised BoT’s efforts to regulate predatory microfinance institutions, commonly known as loan sharks, and called for continued vigilance.
“We must be more careful with these institutions because they pose a serious challenge. Continue supporting us in regulating them,” he said.
Mr Abdallah also commended President Samia Suluhu Hassan and Zanzibar President Dr Hussein Mwinyi for their leadership in promoting peace, unity and stability, which he said are essential for economic development.
He further emphasised the need to strengthen public financial literacy, particularly on the importance of saving and prudent financial management, and pledged support from local leaders in expanding financial education programmes across the region.
Unguja Urban District Commissioner, Dr Said Haji Mrisho, said authorities would continue identifying and taking action against exploitative lending institutions operating in the area.
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Speaking at the event, BoT Zanzibar Branch Director, Mr Ibrahim Malogoi, said the bank had donated 60 waste bins, of which 40 have already been distributed, to support environmental cleanliness initiatives.
He underscored the importance of maintaining a clean environment, particularly given Zanzibar’s status as a leading tourist destination.
Mr Malogoi also highlighted ongoing government efforts to improve infrastructure, including roads, to enhance the city’s appearance and attractiveness.
He reaffirmed BoT’s commitment to regulating the financial sector in accordance with existing laws and guidelines to safeguard economic stability.
Meanwhile, Municipal Mayor Mohammed Ibrahim thanked the central bank for the donation, saying it would help improve waste management services across constituencies.