MEFMI Trains Bank of Tanzania Officials on Strategic Asset Allocation

MEFMI conducted an in-country workshop to support the Bank of Tanzania’s internal auditors in understanding the strategic asset allocation process.  The workshop was held on 17 – 21 April 2023 in Arusha, Tanzania.

The internal audit function at the Bank of Tanzania (BOT) is responsible for providing independent assurance to management and the Board on the adequacy and effectiveness of the Bank’s governance, risk management, and internal control processes. The assurance is designed to assist the Bank in achieving its objectives by adding value and improving its operations. This covers key Bank exposures including the reserves management processes.

BOT identified the need to build capacity for the internal audit team in various core areas of the Bank, including aspects of the reserves management cycle such as strategic asset allocation (SAA). This is aimed at equipping the internal auditors with knowledge and understanding of the concepts behind the SAA process to enable them provide assurance on the adequacy and effectiveness of the same process.

The workshop was attended by 17 officials. All the participants were male. BOT management committed to ensure gender balance in future training workshops.

Overall, the workshop was very useful to the internal audit team who appreciated the different concepts of the SAA process as well as other aspects of the foreign exchange reserves management framework.

Prepared by Barbara Jjaggwe