Tanzania's ban on foreign travels of public servants has saved the East African nation $429.5 million between November 2015 and November 2016, the Bank of Tanzania (BoT) said Thursday.

BoT said in its economic review for December that the reduction in travel expenses was a result of President John Magufuli's order limiting foreign travel by government officials, issued just a few days after he assumed office on November 5, 2015.

The bank said Tanzania spent $774.4 million in overseas travels between November 2015 and November 2016, a significant decrease from $1.2 billion spent in the same period between November 2014 and November 2015.

"Travel payments declined by about 36 percent, consistent with the government move to reduce foreign travel costs," said the review.

The review said the reduction in travel payments was in tandem with the general decline in imports with the exception of oil and industrial raw materials.

In his speech on November 6, 2015, Magufuli said foreign travel by government officials cost the government $178 million in air tickets, allowances and training between 2013/14 and 2014/15.

"That money could have been used to construct a 400 km road," the president said.

(Xinhua News Agency February 10, 2017)