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Tanzania’s current account deficit more than doubles YoY
Deficit reached $3.7 billion in May, as country turns to IMF for support
![Bank of Tanzania Bank of Tanzania](/sites/default/files/styles/landscape_750_463/public/2022-03/Bank%20of%20Tanzania%20Getty%20492842106.jpg.webp?h=c6b07c6f&itok=MCqU2Ow-)
Tanzania’s current account deficit doubled in the year ending May 2022, driven by increases in prices of oil, transport and iron sheets.
Imports of goods and services rose by $4.2 billion to $13.8 billion. The Bank of Tanzania’s Monthly Economic Review shows the deficit reached $3.7 billion, up from $1.7 billion in May 2021. The central bank attributes this to “higher imports relative to exports” as a result of high commodity prices in the agriculture-based economy.
Tanzania’s main imports
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