The Bank of Tanzania (BoT) wants non-performing loans (NPLs) in commercial banks to go down to comfortable zone of 5.0 per cent for purposes of protecting depositors’ money. The central bank said though the level is around 7.0 per cent, the risk level is, however, lower compared to other countries in the East African Community
The Central Bank of Kenya conducts a survey on remittance inflows every month through the formal channels that include commercial banks and other authorized international remittance service providers in Kenya. In 2014, remittance inflows to Kenya increased by USD 137 million or (11 percent) to USD 1,428.5 million compared with USD 1,290.6 million in 2013.
Commercial banks which take up to five working days to clear cheques are violating central bank rules in which the exercise is supposed to be completed within three days. Bank of Tanzania Governor, Professor Benno Ndulu, has ordered the Director of Banking Supervision, Mr Agapiti Kobello, to conduct an investigation on the complaints. “I have
