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Mikocheni, Senga Street, Plot No. 565 B, P.O. Box 4441 Dar es

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MIKOCHENI, SENGA STREET, PLOT NO. 565 B

P.O. Box 4441, DAR ES SALAAM PHONE: +255 685 511488

+255 673 511488 EMAIL: Info@optimacorporate.co.tz

Weak shilling eats into NMBs profit

The post-tax profit for National Microfinance Bank (NMB) fell by about Sh3 billion during the first half of the

current calendar year, thanks to a weaker local currency and other economic challenges. The Dar es Salaam

Stock Exchange (DSE) listed commercial bank registered a post tax profit of Sh77 billion during the period

between January and June 2015, down from Sh80 billion registered during a similar period last year. A falling

local currency during the entire first half of the current calendar year resulted into increased costs of rents and

computer softwares for Tanzanias most profitable commercial bank. The citizen Pg 12

Gold is becoming less attractive to investors than the US dollar, say BOT

The downturn in the price of gold at the world market has made the US dollar to be more attractive for investors

than products, the Bank of Tanzania (BoT) has said in its July Monthly Economic Bulletin. According to the review

the price of gold decreased largely due to a rise in expectation that US interest rates will rise later in 2015, hence

making the US dollar more attractive to investors than gold. The Guardian Business & Finance Pg i

Insurance firm eyes bigger market share

The African Life Insurance has been rebranded into Sanlam Life Insurance as the firm seeks to institute a Pan

Africa brand for the first time in Tanzania, the firms chief executive officer, Mr Ian Kirk, said move will greatly

help the firm to expand its market share in both the life insurance and in other business segments. The citizen

Pg 12

Barclays launches US dollar debit card

Barclays Bank Tanzania (BBTL) has launched its first VISA Platinum US Dollar Debit card, which allows holders

with current account access their money in Tanzania and abroad. Barclays Retail Director, Mr Kumaran Pather,

said the new card was equipped with a Chip and Pin technology which make the card more secure and safest in

the market. Daily News Business & Finance Pg. 19

Orca to drill more gas wells in Songo Songo

Drilling of three new gas wells at Songo Songo islands by British Virgin Island based, Orca Exploration, which has

commissioned Paragon Offshore Plc is set to begin between August 1 and September 1 this year. In recent

statements, Orca, which operates locally as PanAfrica Engery Tanzania Limited said Paragon, which use M826

Mobile Drilling Work over Rig will last at least three months. Daily News Business & Finance Pg. 18