The country’s banking sector assets grew below five per cent last year despite coronavirus pandemic shock thanks to loan book.

Tanzania is likely to emerge in the coming months as the fastest growing economy in Africa in 2020.

AS coronavirus is still ravaging the world economy, Tanzania financial sector has remained sound and resilient thanks to friendly environment put by the government. Most banks posted impressive results last year which according to analysts it is attributed to the resilience and attraction of the country’s economy.

Moody's Investors Service ("Moody's") has downgraded the foreign and local currency issuer ratings of the Government of Tanzania to B2 from B1 and changed the outlook to stable from negative.