(Bloomberg) -- The Bank of Tanzania plans to be less accommodative for the remainder of the year to curb inflationary pressures.

“At the backdrop of rising inflationary pressures, the MPC approved the Bank of Tanzania to reduce the speed of expanding liquidity in the remainder of 2022,” the Monetary Policy Committee said in a statement following its latest meeting on Aug. 5. That’s in order to tame inflationary pressures from the demand side, while safeguarding the growth of the economy, it said.

The MPC also emphasized the need for the central bank to maintain adequate foreign exchange reserves to cushion the economy from the negative impact of high commodity prices.

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