President Jakaya Kikwete receives the EPA report from the chairman of the special commitee, Johnson Mwanyika, at State House in Dar es Salaam. Photo/LEONARD MAGOMBA
Tanzania paid the price of being an import oriented economy after its sovereign bank account opened to clear swelling import bills was defrauded.
The External Payments Arrears, was first administered by the then National Bank of Commerce (NBC) then shifted to the Bank of Tanzania (BoT)’s coffers, paid $133 million to local fraudsters who posed as legitimate representatives of suppliers (creditors) abroad.
