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BoT chief optimistc about bank performance...
2008-07-05 10:03:36
By Angel Navuri
Govenor of Bank of Tanzania (BoT) Prof Benno Ndulu has said that he was confident with the performance of central bank despite the odds.
Prof Ndulu said at the Dar es Salaam International Trade Fair (DITF) yesterday that despite a negative image painted by the external payment arrears (EPA) account scandal, the situation at the bank was stable.
He said despite the scandal, the institution under his leadership would make sure that all money lost through dubious deals was recovered.
``People should not harbour fears that the scandal retarded BoT`s performance. We are still strong and we will continue to discharge our responsibilities,`` he said.
He said that although the scandal was very serious, BoT would stick to its principles.
``I understand some members of the public think the money won`t be recovered. The central bank will do everything possible to ensure the money is returned to the last cent,`` he told journalists.
Prof Ndulu was responding to questions from the public, activists and the media on why the Bank was quietly recovering money misappropriated under the EPA account.
The EPA scandal involves alleged fraudulent payments of about 133bn/- by the BoT to 22 companies purporting to repay the country`s external debt in the financial year 2005/06.
The government announced recently that, as at end of May, nearly half the money (60bn/-) had been recovered.
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