Get smart, lenders, and cut your interest rates

The African country's central bank has pushed up interest rates from 12.5% to 15.5% in an effort to curb soaring inflation.

The request by the Parliamentary Committee on Economy, Industry and Trade to the Bank of Tanzania (BoT) to lower Treasury Bill rates to encourage a similar move by commercial banks on interest rates on loans should be hailed.

High interest rates charged by financial institutions, specifically banks, have been a hindrance to business growth and expansion in the country, the President has said.

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Dar es Salaam. Tanzania’s interbank rates – the lending rates at which commercial banks borrow from each other - increased significantly on Tuesday as the shortage of cash in circulation afflicts banks.