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Tanzania: JPM Orders Closure of Poor Performing Banks

President John Magufuli has just ordered BOT to close all banks that are performing poorly and insisted there must be proper assessments of all financial institutions.

The Head of State has also ordered Finance and Planning Minister Dr Philip Mpango and Central Bank (BOT) officials to stop the dollarization since more than one currency can’t be used in a country.

He gave the directives while officially opening CRDB Bank Branch at LAPF Building in Dodoma today (Wednesday) and congratulated the financial institution for paying 19.5bn/- dividends to the government. He insisted that the government will no longer rescue poor performing banks since it has other crucial obligations to serve the wananchi.

Meanwhile, President Magufuli said that CRDB Bank is among public companies that were privatized in 1990’s but unlike others, it is one of the best performing institutions by increasing more branches countrywide and direct employment opportunities to the Tanzanians.

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