Tanzania, March 8 -- Arusha. Vice President Phillip Mpango on Thursday called for urgent action to address the foreign exchange crisis.

He said scarcity of foreign exchange needed quick interventions through medium and short term solutions by financial sector players.

Among the interventions Dr Mpango proposed are exchange rate flexibility and some regulatory measures.

Scarcity of foreign exchange has been reported by the Bank of Tanzania (BoT), the financial sector regulator, since last year.

Dr Mpango said although the country's financial sector had lately remained resilient to major global aftershocks, it was still vulnerable to headwinds.

Among them is the scarcity of foreign exchange which is critically needed by the local impor...