Dodoma.The government has assured that Tanzania will not experience any direct economic or financial impact from the BRICS bloc’s (Brazil, Russia, India, China, and South Africa) ongoing efforts to reduce reliance on the US dollar commonly referred to as “de-dollarisation” as the country is not a member of the grouping.
Deputy Minister for Finance, Mr Hamad Hassan Chande, issued the clarification in Parliament on Tuesday while responding to a question from Mwera MP, Mr Zahor Mohammed Haji.
The legislator had sought the government’s position on the potential advantages and risks associated with BRICS’ plans to move away from the dollar-dominated global financial system.
“Although Tanzania enjoys long-standing relations with BRICS member states in areas such as trade, investment and diplomacy, we are not a member of the bloc,” Mr Chande said.
“We only participate in BRICS meetings as an observer. Therefore, any outcomes positive or negative related to de-dollarisation will not directly affect Tanzania.”he added
He explained that the country's engagement with BRICS countries remains robust, supported by the presence of embassies from all five nations in Tanzania and Tanzanian embassies in those countries.
“These relationships have brought tangible economic opportunities for Tanzania through enhanced bilateral cooperation,” he said.
Mr Chande further emphasised that Tanzania will continue to strengthen its partnerships with individual BRICS nations, leveraging shared interests and economic opportunities, while maintaining flexibility in its global financial engagements.
The deputy minister’s remarks come amid growing global discourse on the implications of BRICS’ efforts to establish alternative financial systems that reduce dependency on the US dollar in international trade and transactions.