BoT, banks discuss compliance and regulatory issues

DAR-The Bank of Tanzania (BoT) has organized an awareness session with commercial banks aimed at addressing various compliance and regulatory issues that it has identified.

Speaking at the commencement of the three-day awareness session on May 8, 2024, the Director of Economic Research and Policy (DERP), Dr. Suleiman Missango, said that the session will familiarize participants on, among others, the International Transaction Reporting System, focusing on its procedures and reporting processes.

“This is in line with the Foreign Exchange Regulations of 2022 that consolidated previous regulations and circulars, pertaining to foreign exchange dealings,” Dr. Missango said.

Dr. Missango reiterated that the session will be an avenue for discussing transitions under the newly adopted price-based monetary policy framework and the crucial role that commercial banks play in its implementation.

"It is essential for commercial banks to understand the implications of the new framework and the Bank of Tanzania's expectations for effective monetary policy," he stated.

Meanwhile, the DERP announced BoT's plan to develop an interface/portal that will enable banks to initiate registration of private sector external loans and update subsequent transactions in the database maintained by BoT.

“This initiative will streamline the process of foreign loans registration and transaction updates, thus enhancing efficiency and transparency within our banking operations,” He said

Dr. Missango said during the awareness session participants will discuss the market perception survey, which is regularly conducted by the Bank of Tanzania, particularly its importance, areas of improvement and its role in informing policies at the Bank for the stability and prosperity of the financial system in the country.

The session, which is scheduled to end on May 10, 2024, takes place at the Bank of Tanzania Sub-Head Office in Dar es Salaam.