Tanzania's domestic debt stock reached TZS 38,447.9 billion at the end of March 2026. Commercial banks and pension funds together hold over 55% of the total. Treasury bonds dominate the instrument mix at 82.2%. This page provides a full breakdown by creditor category, instrument type, historical trend, and debt servicing dynamics.
As at end March 2026, the government's domestic debt stock (excluding liquidity papers) stood at TZS 38,447.9 billion. The portfolio is held across six creditor categories, with commercial banks and pension funds jointly accounting for more than half of the total outstanding. The Bank of Tanzania's share declined from 19.3% in February to 18.0% in March, reflecting net repayments during the month.
| Creditor Category | Mar-25 (TZS B) | Share % | Feb-26 (TZS B) | Share % | Mar-26p (TZS B) | Share % | YoY Change |
|---|---|---|---|---|---|---|---|
| Commercial Banks | 9,948.4 | 29.0% | 10,834.3 | 27.9% | 10,925.8 | 28.4% | +9.8% |
| Pension Funds | 9,091.5 | 26.5% | 10,463.9 | 27.0% | 10,463.9 | 27.2% | +15.1% |
| Others* | 5,930.3 | 17.3% | 7,273.8 | 18.8% | 7,337.0 | 19.1% | +23.7% |
| Bank of Tanzania | 6,883.9 | 20.1% | 7,468.4 | 19.3% | 6,935.5 | 18.0% | +0.7% |
| Insurance | 1,845.5 | 5.4% | 1,983.5 | 5.1% | 1,997.1 | 5.2% | +8.2% |
| BOT Special Funds | 555.7 | 1.6% | 757.8 | 2.0% | 788.4 | 2.1% | +41.8% |
| Total Domestic Debt Stock | 34,255.4 | 100% | 38,781.7 | 100% | 38,447.9 | 100% | +12.2% |
Source: Ministry of Finance and Bank of Tanzania. *'Others' includes public institutions, private companies, individuals, and non-residents. p = provisional data.
Tanzania's domestic debt portfolio is heavily concentrated in long-term instruments. Treasury bonds accounted for 82.2% (TZS 31,609.9 billion) of the total stock at March 2026, up from 79.5% a year earlier — reflecting the government's deliberate strategy to extend the maturity profile of domestic borrowing and reduce refinancing risk. Treasury bills represent just 4.1% of the total.
| Instrument | Mar-25 (TZS B) | Share % | Feb-26 (TZS B) | Share % | Mar-26p (TZS B) | Share % | YoY Change |
|---|---|---|---|---|---|---|---|
| Government Securities | 29,313.2 | 85.6% | 33,122.0 | 85.4% | 33,321.1 | 86.7% | +13.7% |
| Treasury Bills | 1,888.8 | 5.5% | 1,653.0 | 4.3% | 1,575.3 | 4.1% | −16.6% |
| Government Stocks | 187.1 | 0.5% | 135.7 | 0.4% | 135.7 | 0.4% | −27.5% |
| Government Bonds | 27,237.2 | 79.5% | 31,333.2 | 80.8% | 31,609.9 | 82.2% | +16.1% |
| Tax Certificates | 0.1 | 0.0% | 0.1 | 0.0% | 0.1 | 0.0% | Flat |
| Non-Securitised Debt | 4,942.2 | 14.4% | 5,659.7 | 14.6% | 5,126.8 | 13.3% | +3.7% |
| Overdraft | 4,923.9 | 14.4% | 5,659.6 | 14.6% | 5,126.8 | 13.3% | +4.1% |
| Other Liabilities | 18.4 | 0.1% | 0.0 | 0.0% | 0.0 | 0.0% | −100% |
| Total Domestic Debt (excl. liquidity papers) | 34,255.4 | 100% | 38,781.7 | 100% | 38,447.9 | 100% | +12.2% |
Source: Ministry of Finance and Bank of Tanzania. p = provisional. 'Other liabilities' include commercial loans and duty drawback.
Tanzania's domestic debt stock has grown nearly 2.7× in eight years — from TZS 14,158.6 billion in March 2018 to TZS 38,447.9 billion in March 2026. Growth accelerated notably from 2022 onward, driven by increased government financing needs. The MoM decline of 0.87% observed in March 2026 (from TZS 38,781.7 billion in February) reflects net maturities exceeding new issuances during the month.
Source: Ministry of Finance and Bank of Tanzania.
Source: Bank of Tanzania.
Total domestic debt servicing in March 2026 amounted to TZS 518.2 billion, comprising TZS 219.9 billion in principal repayments and TZS 298.3 billion in interest payments. Interest payments exceeded principal repayments — a reflection of the portfolio's long-duration bias, where coupon obligations on the large stock of outstanding Treasury bonds constitute the dominant servicing component.
| Tenor | Mar-25 | Apr-25 | Jul-25 | Sep-25 | Oct-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | Change (Mar) |
|---|---|---|---|---|---|---|---|---|---|---|
| 2-Year | 12.55 | 12.08 | 12.17 | 12.17 | 10.05 | 10.05 | 10.05 | 10.05 | 8.36 | ▼ −169 bps |
| 5-Year | 13.14 | 13.14 | 13.18 | 12.48 | 12.48 | 10.54 | 10.54 | 10.54 | 10.54 | Flat |
| 7-Year | 9.71 | 9.71 | 9.71 | 9.71 | 9.71 | 9.71 | 9.71 | 9.71 | 9.71 | Flat |
| 10-Year | 14.08 | 14.26 | 13.74 | 13.74 | 12.45 | 12.45 | 11.30 | 11.30 | 11.30 | Flat |
| 15-Year | 14.63 | 14.63 | 14.63 | 13.91 | 13.91 | 12.08 | 12.08 | 10.78 | 10.78 | Flat |
| 20-Year | 15.28 | 15.11 | 14.50 | 13.55 | 13.55 | 12.02 | 12.02 | 12.02 | 10.71 | ▼ −131 bps |
| 25-Year | 15.84 | 15.84 | 14.80 | 13.19 | 13.19 | 13.19 | 13.19 | 11.99 | 11.99 | Flat |
Source: Bank of Tanzania. bps = basis points. A declining yield reflects improving investor confidence and easing monetary conditions.