Tanzania’s government securities go online
Bidding for government securities in Tanzania has gone online courtesy of a new system launched by the Bank of Tanzania (BoT).
The new online system for bidding government securities has both an online bidding and central depository services (CDS) account. Government securities include bonds, notes, and other debt instruments sold by any government to finance its budget or borrowings. Most of them are long term and with high profits to the traders.
"The bank had to improve the old GSS so that it conforms to international best practices, keeping pace with technological advancement," BoT Governor Prof Benno Ndulu said, as quoted by AllAfrica.
Prof Ndulu added that the banks old system was not efficient and was not interactive forced traders to visit the banks physical premises.
The new online system, according to BoT, will accept bidders applications wherever they are in the world and will also be open to East Africa traders first then to the whole world by 2015.