Magufuli orders tighter FX controls, bank crackdown as growth slows

Tanzanian President John Magufuli. (Photo: Courtesy) 

Tanzanian President John Magufuli ordered the central bank on Wednesday to tighten controls on the movement of hard currency.

The move comes as the International Monetary Fund (IMF) called on Tanzania to speed up reforms and spend more to prevent a slowdown. Magufuli pledged to reform an economy hobbled by red tape and corruption and begin a programme to develop public infrastructure after he was elected in 2015.

“We now have some 58 banks, the (central) Bank of Tanzania should closely monitor these banks and take swift action...,” he said in a statement issued by his office.