The Bank of Tanzania (BoT) has reaffirmed the stability of the country’s financial system after a wave of misinformation circulated online claiming that commercial banks might close or freeze accounts ahead of elections.
Authorities warned that such rumors could create unnecessary panic and disrupt market confidence.
BoT emphasized that Tanzania’s banking sector remains robust, well-capitalized, and fully compliant with regulatory and international standards.
Payment systems are secure, liquidity is sufficient, and banks continue to operate efficiently, supporting both retail and corporate clients.
The central bank highlighted key macroeconomic indicators underscoring Tanzania’s resilience: inflation stood at 3.3% for the first ten months of 2025, GDP growth is projected at 6%, external payment deficits have declined to 2.4% of GDP, and foreign reserves reached USD 6.7 billion as of September, covering five months of imports.
“Currency issuance is carefully managed under law to meet economic needs, and the financial system is fully equipped to absorb shocks,” BoT said, citing Section 26 of the Bank of Tanzania Act, Chapter 197.
The bank also noted that holding cash outside banks exposes individuals to theft, loss, and other risks, while deposits in banks remain secure and earn interest.
Analysts say the central bank’s statement aims to reassure both domestic and foreign investors that Tanzania’s financial system is resilient, transparent, and capable of supporting continued economic growth.
BoT urged citizens to rely on verified sources for financial information and avoid circulating unverified claims that could undermine investor confidence and the broader economy.