The Bank of Tanzania (BoT) has issued a statement refuting claims circulating on social media that it has been on a money-printing spree to finance the ongoing election campaigns.
“There have been misleading reports circulating on social media alleging that the Bank of Tanzania has printed and distributed money to finance the elections, while others are urging the public to withdraw their funds from some commercial banks,” the BoT statement released on October 17, 2025, reads.
“I wish to inform all citizens that these reports are false and should be disregarded,” Central Bank Governor Emmanuel Tutuba said in the statement.
“The Bank of Tanzania continues to effectively implement monetary policy, maintaining low inflation (an average of 3.3 percent for the first ten months of 2025), robust economic growth (projected at 6 percent in 2025), and a reduced current account deficit to 2.4 percent of GDP as of September 2025,” the statement continued.
During the ruling party’s rallies on Saturday and Sunday, October 19, 2025, the Minister of Finance, Mwigulu Nchemba, echoed the BoT’s position.
“There have been attempts by people to mislead, and I want to tell Tanzanians that these people have bad intentions for our country. I heard they are saying that the government has run out of money and is printing money,” Nchemba said during a campaign rally in Katavi on October 18.
“First, we have reserves of more than 16 trillion. Second, there isn’t a single country that simply prints its own money to use, printing money has its own procedures; from start to actual printing, it can take up to two years. How would you be able to print money after entering into an election?” Nchemba continued.
Money printing is an old economic term that refers to issuing new money into the economy. In modern economies, this does not necessarily mean printing physical notes and coins, it can involve the central bank providing direct advances to the government or purchasing government bonds. However, excessive money creation can lead to inflation and a depreciation of the currency’s value.
Data from the Bank of Tanzania’s Depository Corporation Survey shows that Base Money (M0), which includes currency in circulation outside the banking system, cash held by banks in their vaults, and deposits of banks at the central bank, increased by 25 percent by August 2025, reaching 13.7 trillion shillings. This marks a significantly higher rate compared to previous years.
By comparison, in August 2024, Base Money had increased by only 6 percent to reach 11 trillion shillings, while in August 2023, it had risen by 5.5 percent to 10.3 trillion shillings.
In its statement, the Central Bank urged members of the public not to withdraw their funds from banks and to continue using banking services with full confidence.
