Bank of Tanzania removes CEO of state-owned TIB Bank

The IMF has flagged the high levels of non-performing loans in the banking sector

Bank of Tanzania

The Bank of Tanzania dismissed the chief executive of state-owned TIB Corporate Bank with immediate effect on July 13.

In a statement, the central bank said it decided to suspend the appointment of Frank Nyabundege as managing director “following unsatisfactory performance of the bank”.

Though the exact reasons for Nyabundege’s dismissal remain unclear, in December 2017, the International Monetary Fund pointed out weaknesses in Tanzania’s financial sector. The fund highlighted the elevated

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