The Bank of Tanzania has lowered its benchmark lending rate from 7 per cent to 5 per cent to cushion banks from Covid-19 impact.

BoT Governor Prof Florens Luoga in a recent statement said the policy change aims to provide additional space for banks to “borrow at a lower cost thus signaling lower rates by banks.”

For more information, please see https://www.theeastafrican.co.ke/business/BoT-moves-to-reduce-cost-of-loans-to-mitigate-Covid19-impact/2560-5551388-404rf9z/index.html