What is the Tanzanian shilling (TZS)?
Credit Ratings & Outlook
Sovereign credit ratings play an important part in determining a country’s access to international capital markets, and the terms of that access. Sovereign ratings help to foster dramatic growth, stability, and efficiency of international and domestic markets.
Central Bank Rate
The current central bank interest rate is 12.00%. This is the same as 2011, which was 12.00%.
In 2010 the total GDP was $22,915,004,424 in US Dollars, while the per capita GDP was $523. It grew by 7.04% over the previous year.
The latest unemployment rate for 2006 is 4.30%.
Consumer Price Index
The latest consumer price index for 2010 is 150.76.
The current head of the government is Prime Minister Mizengo Pinda, and the head of state is President Jakaya Kikwete (in an executive role).
The New The Tanzanian shilling, denoted by TZS, is the official currency of Tanzania. The currency, which is divided into 100 cents, is also complemented by widespread use of the United States Dollar.
Sovereign Ratings for Tanzania
Tanzania is not rated
What does it look like?
The government type of Tanzania is a republic. The governmental system consists of three branches, namely the executive, legislative and judicial. In the executive branch the president acts as both chief of state and head of government, and is elected by popular vote for five-year terms. The cabinet ministers, including the prime minister, are appointed by the president from among the members of the National Assembly. The legislative branch is a unicameral National Assembly or Bunge consisting of 274 seats serving five-year terms. Zanzibar, however, has its own House of Representatives to make laws especially for Zanzibar. The Zanzibar House of Representatives has 50 seats. The judicial branch is made up of the Court of Appeal and the High Court. Judges are appointed by the president.
Chief of State President Jakaya KIKWETE (since 21 December 2005); Vice President Dr. Ali Mohammed SHEIN (since 5 July 2001); note – the president is both chief of state and head of government Head of Government President Jakaya KIKWETE (since 21 December 2005); Vice President Dr. Ali Mohammed SHEIN (since 5 July 2001) note: Zanzibar elects a president who is head of government for matters internal to Zanzibar; Amani Abeid KARUME was reelected to that office on 30 October 2005 Cabinet Cabinet appointed by the president from among the members of the National Assembly Elections president and vice president elected on the same ballot by popular vote for five-year terms (eligible for a second term); election last held on 14 December 2005 (next to be held in October 2010); prime minister appointed by the president Election Results Jakaya KIKWETE elected president; percent of vote – Jakaya KIKWETE 80.3%, Ibrahim LIPUMBA 11.7%, Freeman MBOWE 5.9%
Key Economic Factors
Tanzania ranks among the poorest countries in the world. The struggling economy has found heavy dependence on agriculture, accounting for almost half of GDP, 85% of exports and 80% of the work force. Climatic conditions and Tanzania’s topography severely limit cultivated crops to only 4% of the land area. Traditionally, industry featured the processing of agricultural products and light consumer goods. Tanzania has been provided with funds aiding in the rehabilitation of their out-of-date economic infrastructure and to alleviate poverty. Continued donor assistance and solid macroeconomic policies have supported real GDP growth during the past couple of years.
Agricultural processing (sugar, beer, cigarettes, sisal twine), diamond, gold and iron mining, soda ash, oil refining, shoes, cement, apparel, wood products, fertilizer, and salt.
Consumer goods, machinery and transportation equipment, industrial raw materials and crude oil.
Gold, coffee, cashew nuts, manufactures and cotton.
Major Trading Partners:
India, Netherlands, Japan, South Africa and China.
1 Tanzania Shiling to:
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- Other Currencies Accepted: All major currencies
- Currency Peg:No
- Black Market for Currency:Yes
- Currency Volatility:unknown
- Estimated GDP Per Capita:.89 billion (2009 est.) .19 billion (2008 est.) .37 billion (2007 est.) note: data are in 2009 US dollars
- Languages Spoken:Kiswahili or Swahili (official), Kiunguja (name for Swahili in Zanzibar), English (official, primary language of commerce, administration, and higher education), Arabic (widely spoken in Zanzibar), many local languages note: Kiswahili (Swahili) is the mother tongue of the Bantu people living in Zanzibar and nearby coastal Tanzania; although Kiswahili is Bantu in structure and origin, its vocabulary draws on a variety of sources including Arabic and English; it has become the lingua franca of central and eastern Africa; the first language of most people is one of the local languages