March 22, 2017 / 1:57 PM / 6 months ago

Tanzania central bank cuts reserve ratio to 8 pct

DAR ES SALAAM, March 22 (Reuters) - Tanzania’s central bank on Wednesday cut the amount of cash that banks must hold as reserves, in an effort to improve the country’s economic growth.

The Bank of Tanzania said it had lowered the statutory minimum reserve requirement to 8 percent from 10 percent, starting on April 20.

The announcement comes just two weeks after the central bank cut its discount rate to 12 percent from 16 percent to expand credit to the private sector.

Reporting by Fumbuka Ng'wanakilala; Editing by Aaron Maasho. Larry King

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