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Members of Parliament told about steps taken to keep inflation down
2008-07-23 10:04:09
By Guardian Reporter, Dodoma
The current impressive results in controlling the country`s inflation have been achieved through releasing more foreign exchange into the economy, the National Assembly heard on Monday.
Finance and Economic Affairs deputy minister Jeremiah Sumari issued the statement here when responding to a supplementary question by Ibrahim Sanya (Stone Town , CUF) who had wanted to know measures taken by the state to control inflation.
``The Bank of Tanzania controls inflation by executing fiscal policies as I have outlined earlier by putting into the economy more foreign currency…this explains why our currency is doing better now than the dollar,`` he said.
Responding to a basic question by Siraju Kaboyonga (Tabora-Urban, c), who had asked about the performance of the Monetary Policy Committee, Sumari told the House that the organ had met 123 times since it was formed.
The deputy minister said the committee was conducting a total of 12 meetings annually, as prescribed under the BoT law, which provides for, among other things, the number of meetings to be convened every year.
Regarding dissemination of results from the meetings, he said under the new BoT leadership, the central bank chief was briefing the public, through the media, once after every three months.
Additionally, Sumari said, a detailed report on the state of the country\'s economy and its indicators were published through various BoT reports and distributed to various stakeholders.
The reports include the Monthly Economic Review, Quarterly Economic Bulletin and Annual Economic and Operations Report, said the deputy minister.
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