While financial institutions have retained the financial intermediation function accordingly by increasing lending, the environment surrounding financial institutions has become increasingly severe due to the stock price plunge and the domestic economic downturn. Fund raising in financial markets for funds over the fiscal year-end has mostly been completed, but the firms continue to face difficult funding conditions.
It is indeed a privilege to have been invited to deliver the keynote address at this prestigious African Central Bank Reserves Management Conference. I would like to thank the Bank of Tanzania, Allianz Global Investors, and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) for affording me the opportunity to share some thoughts regarding the challenges and opportunities we face in managing official reserves.