THE Bank Of Tanzania (Bot) Has Refuted Claims Circulating On Social Media Alleging That The Central Bank Has Printed And Distributed Money To Finance The Upcoming General Elections.
In A Public Statement Released Today And Signed By Bot Governor Emmanuel Tutuba, The Bank Described The Rumors As False, Misleading, And Aimed At Inciting Public Fear And Confusion.
“We Wish To Inform All Citizens That These Reports Are Completely Untrue. They Should Be Ignored And Condemned By All Responsible Individuals,” The Statement Read.
The Bot Also Addressed Growing Concerns From Some Members Of The Public Who Have Been Urged — Particularly Online — To Withdraw Their Money From Commercial Banks Out Of Fear That Banks Are Running Out Of Cash Due To Alleged Election-Related Spending.
“These Claims Are Also Baseless,” Said The Central Bank, Reassuring The Public That The Country’s Financial System Remains Stable And Secure.
The Bank Further Clarified That:
- Currency Printing Is A Regulated And Legal Process, Carried Out In Accordance With The Bank Of Tanzania Act (Cap. 197).
- Under Section 26 Of This Law, The Bot Is Authorized To Circulate Money Based Solely On Economic Needs, Such As Replacing Worn-Out Notes And Ensuring There Is Enough Currency In The System To Support Economic Activities.
Newly Printed Money Is Introduced Into The Economy Exclusively Through Commercial Banks, Following Strict Monetary Policies To Ensure Price Stability And Economic Balance.
The Central Bank Urged The Public To Seek Accurate Information From Official Sources And Avoid Spreading Misinformation That Could Undermine Financial Stability And Public Confidence In The Banking System.
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