The Monetary Policy Committee (MPC) reports that as of the end of April 2023, foreign exchange reserves were valued at $4.9 billion (or about Sh11.7 trillion), from the $5.5 billion (about Sh13.1 trillion) that was recorded at the end of April 2022, this represented a decrease of over 11%.
Although Tanzania’s foreign exchange reserves have decreased by $600 million (about Sh1.4 trillion) during the past year, the administration insists there is no cause for concern and the country’s future is still promising.
Additionally, Tanzania is in better health than some of its regional counterparts in terms of foreign exchange reserves, according to Mr. Benny Mwaipaja, head of the government media unit and spokesman at the Finance and Planning Ministry.
