Tanzania's financial sector remains stable amid global aftershocks: VP-Xinhua

Tanzania's financial sector remains stable amid global aftershocks: VP

Source: Xinhua

Editor: huaxia

2024-03-08 02:24:15

ARUSHA, Tanzania, March 7 (Xinhua) -- Tanzanian Vice President Philip Mpango said on Thursday that the country's financial sector has remained stable against the backdrop of prevailing global aftershocks.

Speaking at the 21st Conference of Financial Institutions organized by the Bank of Tanzania in cooperation with other bankers, Mpango said Tanzania's financial sector has posted a stellar performance, growing by 22.2 percent in 2022/2023 compared to almost 10 percent growth in 2021/2022.

Mpango urged the more than 1,000 delegates gathered in the northern city of Arusha to strongly deliberate on areas that are threatening and challenging the financial sector amid global business disruptions caused by logistical supply chains, geopolitical conflicts, and climate change.

"There are still a lot of headwinds globally; hence, you should continue to revisit laws and regulations to enable the sector to excel," he said.

Mpango paid tribute to the leadership of all financial sector institutions for making the sector strong and resilient by increasing creativity and the ability to adapt to the current environment.