Dar es Salaam, Feb. 16 -- MEMBERS of Parliament have advised the Bank of Tanzania (BoT) to conduct a thorough analysis of the criteria used by financial institutions in setting interest rates and identify short, medium and long term strategies for reducing the charges.

According to the lawmakers, the move will help to make loans available at affordable rates for investment and business. The bank has also been advised to review the interest rates on loans for public servants and those in formal and contractual employment and reduce them to single digits.

They said this is because loans for public servants are paid directly from salaries by employers, and therefore the likelihood of default is low.

Tabling a report on activities undertak...