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External debt slightly surges to USD10.4bn

7th November 2012
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Bank of Tanzania (BOT)

The Bank of Tanzania (BoT) has said the external debt has slightly surged to USD10, 424.4m recorded at the end of August this year from USD10, 353.8m recorded at the end of July this year.

The bank’s Monthly Economic Review for September released yesterday said out of the external debt stock, 85.6 percent was disbursed outstanding debt (DOD) and the remaining was interest arrears.

The profile of external debt by creditor category indicates that the stock of multilateral and commercial debts increased by 0.9 percent each.

The increase is attributed to new disbursements and accumulation of interest arrears. Conversely, bilateral debt decreased by 0.1 percent while export credit remained unchanged, it said.

The Central government continued to account for the largest share of external debt stock at 76.2 percent followed by the private sector and public corporations at 18.4 percent and 5.4 percent, respectively.

In August 2012, new disbursements amounting to USD29.5m were recorded, while external debt service were USD8.7m , out of which USD2.0m was principal payments, USD 4.0m interest payments and USD2.7m were other charges.

The stock of domestic debt at the end of August increased to 4,573.1bn/- from 4,500.5bn/- registered at July 2012 end.
The increase was a result of issuance of new Treasury bonds compared to maturing obligations.

On annual basis, the report said domestic debt stock increased by 711bn/-  (15.5 percent) as at the end of August 2012 from 3,862.1bn/- recorded in the corresponding period in 2011.

The increase was mainly on account of issuance of new Treasury bonds that outweighed maturing obligations. Commercial banks were the leading investors in government securities, followed by the BoT and pension funds.

Meanwhile the BoT has said annual headline inflation rate for the month of August declined to 14.9 percent from 15.7 percent recorded in July 2012.

According to the review, the change was driven by a decline in prices of items under food and communication.
Month-to-month headline inflation increased to 0.7 percent in August 2012 from 0.1 percent in July 2012.

Annual inflation for food and mon-alcoholic beverages eased to 18.8 percent in August 2012 from 20.8 percent recorded in July 2012.

Month-to-month food inflation was 0.7 percent in August 2012 compared with negative 0.5 percent in July 2012.
Annual non-food inflation rate slightly increased to 10.3 percent in August 2012 compared with 10 percent recorded in July 2012, mainly influenced by an increase in prices of tobacco, spirits and beer.

Likewise, annual inflation rate for energy and fuels increased to 16.9 percent in August 2012 compared to 16.3 percent registered in July 2012 due to rising prices of charcoal, kerosene and petrol.

However, month-to-month non-food inflation decreased slightly to 0.7 percent in August 2012 from 1.0 percent recorded in July 2012.

Annual inflation excluding food and energy (proxy for core) edged up to 9.2 percent in August 2012, compared to 8.8 percent recorded in July 2012, mainly associated with the rise in prices of beer, tobacco and spirits. However, the month-to-month rate remained unchanged at 0.7 percent as recorded in the preceding month.

SOURCE: THE GUARDIAN
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