In a proactive move to ensure adherence to regulatory standards and enhance transparency in financial operations, the Bank of Tanzania (BoT) convened a comprehensive awareness session with commercial banks. This initiative, spanning three days from May 8 to May 10, 2024, seeks to tackle various compliance and regulatory matters identified by the central bank.
Dr. Suleiman Missango, Director of Economic Research and Policy (DERP) at BoT, opened the session by highlighting its objectives. Among these is familiarizing participants with the International Transaction Reporting System, emphasizing its protocols and reporting mechanisms. Dr. Missango underscored the significance of aligning banking practices with the Foreign Exchange Regulations of 2022, which amalgamated preceding guidelines on foreign exchange transactions.
Moreover, the session serves as a platform for deliberating the transition to the newly implemented price-based monetary policy framework. Dr. Missango emphasized the pivotal role commercial banks play in this transition, stressing the importance of understanding the framework's implications and BoT's expectations for effective policy implementation.
In a bid to streamline processes and bolster transparency, BoT unveiled plans to develop an interface or portal facilitating the registration of private sector external loans by banks. This initiative aims to enhance efficiency in handling foreign loans and transaction updates, contributing to the overall integrity of banking operations.
Throughout the session, participants will delve into the market perception survey regularly conducted by BoT. Dr. Missango elaborated on its significance in informing policy decisions aimed at bolstering the stability and prosperity of the country's financial landscape.
The awareness session, hosted at the Bank of Tanzania Sub-Head Office in Dar es Salaam, underscores BoT's commitment to fostering a robust regulatory environment and fostering collaboration with commercial banks for the advancement of the financial sector.