The bank said overall balance of payments swung into a surplus of $246.6 million from a deficit of $95.2 million in the year ending November 2015. ALSO READ: Tanzania’s economy grows 6.2pc in third quarterEarnings from tourism, the main foreign exchange source, rose to $2.21 billion from $2.01 billion previously, buoyed by more visitor arrivals. Gold, the other main source of foreign income, brought in $1.44 billion, up from $1.17 billion previously, reflecting higher export volumes and global prices. Tanzania, which has a population of around 50 million, is Africa's fourth-largest gold producer after South Africa, Ghana and Mali. The value of traditional exports rose by 21.2 percent to $943.3 million, driven by increased output and higher prices of tobacco, cashew nuts, cotton and tea.

Source: Standard Digital February 02, 2017 08:07 UTC