August 25, 2018 / 1:48 PM / 25 days ago

Tanzania central bank cuts discount rate to 7 percent

NAIROBI, Aug 25 (Reuters) - Tanzania’s central bank has cut its discount rate to 7 percent from 9 percent to help spur credit growth.

The central bank said in a circular to commercial banks seen by Reuters that the new rate becomes effective on Monday. It comes as private sector credit growth has steeply declined in the past two years. A year ago, the Bank of Tanzania cut its discount rate from 12 percent to 9 percent.

Reporting by Omar Mohammed Writing by Maggie Fick Editing by Alison Williams

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