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Policy to boost digital economy in offing

Policy to boost digital economy in offing

The government is in the final stage of preparations for a policy which will pave the way for digital economy growth.

President Samia Suluhu Hassan told the 20th Conference of Financial Sector (COFI) participants in Dodoma Thursday that the State had already created an environment that allows digital transformation innovation to ensure that “no one is left behind in the cyber economy”.

“We already have regulatory environment that allows digital transformation innovation by ensuring that our country is not left behind in this area,” she told meeting participants and added:

“We have been successful in this area especially in the financial sector where most transactions are now made using such systems.”

However, President Samia appreciates the Bank of Tanzania (BOT) for taking into consideration the request to cut real interest.

“In June this year, I asked the Central Bank to reduce interest rates on loans....I am happy to hear that it has been worked out and banks will soon lower interest rates so that the private sector can borrow,” said the President.

President Samia Suluhu Hassan ordered the Bank of Tanzania (BoT) to take appropriate measures to address high interest rates, calling for reasonable levels for lenders.

The President said financial institutions needed to cut real interest rates in line with measures implemented by the Central Bank, and suggested that rates for short term loans should be cut to below 10 per cent.

 

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Author: DAILY NEWS Reporter

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