Dar es Salaam. The Bank of Tanzania (BoT) on June 12 celebrated 60 years of steering the country’s monetary policy and safeguarding financial stability, marking a milestone in the institution’s history since its establishment in 1966.
The diamond jubilee celebrations were officiated by President Samia Suluhu Hassan, who commended the central bank for its contribution to Tanzania’s economic development and urged the financial sector to ensure that growth translated into tangible benefits for ordinary citizens.
Held under the theme, ’60 Years of Driving Economic Prosperity: Advancing Innovation, Transformation and Resilience,’ the event brought together senior government leaders, policymakers, financial sector stakeholders and development partners to reflect on the central bank’s achievements and future priorities.
Established under the Bank of Tanzania Act of 1965, the central bank commenced operations on June 14, 1966, following the dissolution of the East African Currency Board. Its creation marked a significant step towards economic sovereignty, enabling Tanzania to formulate and implement its own monetary policies.
Over the past six decades, the Bank of Tanzania oversaw major transformations in the country’s financial system.
The institution managed the issuance of the Tanzanian shilling, supervised banks and financial institutions, regulated payment systems and implemented monetary policies aimed at maintaining price stability.
The bank also played a key role in the liberalisation and expansion of the banking sector.
Financial sector reforms introduced over the years strengthened banking supervision, improved access to financial services and accelerated financial inclusion across the country.
Advances in technology further transformed the financial landscape under the bank’s watch.
Mobile money services, digital payment systems and innovations in financial technology expanded access to financial services for millions of Tanzanians.
Addressing the gathering, President Samia stressed the importance of ensuring that economic progress improved the welfare of citizens.
“We should not only measure success by the number of people accessing financial services,” she said, calling for greater efforts to expand affordable credit and economic opportunities.
The anniversary celebrations also provided an opportunity to honour the vision of the institution’s founders and recognise the contribution of former governors, policymakers and financial experts who helped shape Tanzania’s monetary system.
As it entered its seventh decade, the Bank of Tanzania reaffirmed its commitment to promoting monetary stability, strengthening the financial sector and supporting the country’s long-term development aspirations amid emerging challenges, including digital finance, fintech innovation and climate-related economic risks.
For many Tanzanians, the anniversary served as a reminder of the central bank’s enduring role in safeguarding the nation’s economy and supporting its development journey over the last six decades.
