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International Monetary Fund. Monetary and Capital Markets Department

on provisioning and reserves. The authorities remain committed to monitoring systemic liquidity constraints, interconnected risks and vulnerabilities associated with structural liquidity . In this context, they have prioritized focus on repo market development and modernization of the monetary framework. Critical to this is the plan to reduce interest rate volatility on domestic currency by clarifying objectives, rationalizing the use of instruments and completing ongoing changes in secured money markets. They recognize that promoting a vibrant foreign exchange

International Monetary Fund. Monetary and Capital Markets Department
Tanzania’s bank-dominated financial sector is small, concentrated, and at a relatively nascent stage of development. Financial services provision is dominated by commercial banks, with the ten largest institutions being preeminent in terms of mobilizing savings and intermediating credit. Medium-to-small banks rely systematically more on costlier, short-term, interbank financing and institutional deposits and have markedly higher operating costs. These structural features underpin financial stability challenges which are significant. Bank asset quality has deteriorated sharply in recent years, and under-provisioning is significant, belying the apparently comfortable capital cushions. Credit growth has fallen precipitously, corporate debt loads have risen, and their cash flows are weak. Dollarization of bank balance-sheets raises the possibility of solvency stress under shocks being exacerbated by funding liquidity pressures, especially at smaller banks.
International Monetary Fund. Monetary and Capital Markets Department

income, the interest on such loans. This could mask vulnerabilities by overstating earnings and capital. It is recommended that the Bank of Tanzania (BoT) follow up on the circular with further guidance on criteria for such credits to qualify for restructuring and upgrade. Systemic liquidity management is challenged by thin and segmented financial markets, albeit completing the BoT’s plans for repo market development and modernizing the monetary framework can attenuate financial stability risks . Institutional liquidity management is costly and uncertain in domestic

International Monetary Fund and World Bank
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund. Monetary and Capital Markets Department

Financial Sector Assessment Program-Press Release; Staff Report; and Statement by the Executive Director for the United Republic of Tanzania

International Monetary Fund

High 36 Near-term Securities Markets Oversight and Securities Markets Development Enforce uniformly high standards of due diligence in the underwriting of securities issues ISA High 38 Immediate Establish an appropriate licensing and supervisory framework for currently unregulated broker-dealers ISA Medium 38 Near-term Ensure consistency of relevant supervisory practice by TASE, the ISA, and the BOI TASE, ISA, BOI Medium 39 Near-term Remove impediments (including tax treatment) to repo market

International Monetary Fund. African Dept.

/16 FAD MOF General tax policy diagnostic including extractive industries Mission 01/16 FAD MOF Introducing New PFM Advisor Mission 01/16 LEG MOF Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Mission 11/15 FAD MOF Improving the coverage and quality of fiscal reporting Mission 11/15 MCM RBM Money and Repo Market Development Mission 10/15 STA NSO National accounts statistics Mission 09/15 FAD MOF Financial Controls and Disciplines: Enforcing Accountability

International Monetary Fund. African Dept.

MOF Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Mission 11/15 FAD MOF Improving the coverage and quality of fiscal reporting Mission 11/15 MCM RBM Money and Repo Market Development Mission 10/15 STA NSO National accounts statistics Mission 09/15 FAD MOF Financial Controls and Disciplines: Enforcing Accountability Mission 09/15 FAD MOF Pension reform proposals Mission 07/15 FAD MOF Improving cash planning and management Mission 06/15 STA NSO

International Monetary Fund and World Bank

) Does the legal framework (possibly as ascertained by legal opinions) support the legal robustness of such transactions, by allowing full transfer of securities as collateral and close-out netting upon insolvency-related default of a counterparty? (yes/no) (c) Is the contractual authorization for substitution and reuse of collateral consistent with the broader legal framework? (yes/no) (d) Is the tax framework conducive to repo market development? (yes/no) Benchmarks: Countries are rated as 1 (yes) or 0 (no) on the four questions. The sum of the four ratings