Civic United Front (CUF) Zanzibar presidential candidate, Maalim Seif Shariff Hamad said here yesterday that should he be elected president, he would not introduce a central bank for the Isles.
“In so far as Zanzibar is part of the Union government, it does not need to have another control institution in this area as there is already the Bank of Tanzania (BoT),” he told journalists during a weekly briefing on the on-going campaigns here.
He was responding to a question on how his government would implement development programmes smoothly, under the current arrangement.
Maalim Seif, whose party manifesto favours a three-tier set up of the Union, said instead the national unity government he would form if he wins the election, he will work closely with the Union government to have the present BoT management structure reviewed.
“BoT is not for Tanzania mainland alone, because 11 per cent of the total financial capital for the establishment of BoT was contributed by Zanzibar,” Maalim Seif said.
He said the fact that Zanzibar contributed to the initial capital for the establishment of the bank, entitled it to also benefit substantially, as is the case for Tanzania mainland.
Maalim Seif said in order for the bank to play fairly, its management must be reviewed so that Zanzibar is adequately represented in terms of composition of the management team of the bank.
He said under the present system for the management of BoT, Zanzibar is given less weight in the nomination of members to the board of directors.
The trend he said provides room for the bank to operate, with few people to safeguard the interests of Zanzibar.
He said the review programme he is proposing must establish a special department to deal with financial issues for Zanzibar, adding: “This is possible….BoT must have financial policies which are very clear for the two sides of the union.”
He said lack of clear policies, has left Zanzibar without control over the bank’s operations.
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