Tanzania central bank sets new policy rate at 5.5pc

Bank of Tanzania governor Emmanuel Tutuba

Bank of Tanzania governor Emmanuel Tutuba. FILE PHOTO | THE CITIZEN | NMG

Tanzania's central bank on Friday set its main interest rate at 5.5 percent in a bid to contain inflation within its target and boost economic growth.

The announcement is the first by the Bank of Tanzania since it said earlier this month that it would start using a benchmark interest rate to signal its monetary policy direction.