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Bloomberg
Tanzania’s President Samia Suluhu Hassan appointed Emmanuel Tutuba the nation’s central bank governor, as she moves to tackle the rising cost of living. Tutuba, who has been working as permanent secretary in the Finance Ministry, replaces Florens Luoga after his term expired, according to a statement from the president’s office. 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 pandemic and after the war in Ukraine disrupted supply chains across the world.