Tanzanian President Samia Suluhu Hassan on Saturday appointed Emmanuel Tutuba, previously a permanent secretary at the Ministry of Finance and Planning, to the position of central bank governor, as she moves to tackle the rising cost of living.
Tutuba replaces Florens Luoga, who reached the end of his five-year tenure, and inherits an economy facing inflationary pressure – inflation stood at 4.9% in November, roughly a five-year high – as well as a softer currency as the result of global economic pressures associated with the Russia-Ukraine conflict.
The appointment takes immediate effect.
Price-growth in the East African nation may increase to an annual average of 5.3% this year, compared with an estimated 4% in 2022, according to International Monetary Fund estimates. Tanzania’s monetary policy committee continued cutting back on policy accommodation in November and December, given expectations of increased inflationary pressure.
Luoga, a tax law professor, is credited for helping Tanzania attain macroeconomic stability during the Covid-19 pandemic and after the war in Ukraine disrupted supply chains across the world.
Tutuba holds an advanced diploma in economic planning and an MBA in corporate management from Tanzania’s Mzumbe University.
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