DAR ES SALAAM, Aug. 4 -- THE Governor of the Bank of Tanzania (BoT), Emmanuel Tutuba, has urged Tanzanians seeking loans to carefully read and understand the terms and conditions before accepting any credit facility, while also ensuring they have clear and specific plans for how the borrowed funds will be used.

Speaking in a special interview with the Tanzanian Broadcasting Corporation, during discussions marking the Bank of Tanzanias 60th anniversary and the value of the Tanzanian currency, Tutuba said understanding loan agreements would help borrowers avoid challenges arising from failure to comply with loan conditions.

He said the central bank has made significant progress in regulating licensed lending institutions that violate fina...