.png)
.png)
2 months ago
19
- The Bank of Tanzania has instructed citizens to halt the usage of overseas currencies, including the US dollar, for each section transactions and payments
- The caller overseas speech regulations, published successful the Government Gazette connected March 28, 2025 and enforceable
- The prohibition by the authorities aims to halt the ongoing depreciation of the Tanzanian shilling against the dollar
Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
The Bank of Tanzania has officially banned the usage of overseas currencies, including the US dollar, for section transactions and payments wrong the country.
With the ban, each goods and services successful Tanzania indispensable present beryllium priced and paid for strictly successful Tanzanian Shillings.
Source: Getty Images
What did the Bank of Tanzania say?
In a nationalist announcement issued connected Thursday, the cardinal slope announced that each goods and services successful Tanzania indispensable present beryllium priced and paid for strictly successful Tanzanian Shillings.
The connection read:
“Under these Regulations, pricing and outgo for each goods and services wrong the state indispensable beryllium successful Tanzanian Shillings. Therefore, it is an offence to quote, advertise, oregon bespeak prices successful overseas currency, to compel, facilitate, oregon judge outgo successful overseas currency, oregon to garbage outgo made successful Tanzanian Shillings.”The notice, signed by Bank of Tanzania Governor Emmanuel M. Tutuba, clarified that portion definite transactions involving overseas currency are inactive allowed nether the caller rules, a clip bounds volition use to contracts already executed successful overseas currency.
Moreover, entering into oregon renewing immoderate agreements requiring overseas currency payments volition beryllium prohibited.
Source: Getty Images
What volition foreigners successful Tanzania do?
According to the notice, foreigners, including tourists, are not exempt from the changes.
They indispensable speech their overseas currency astatine commercialized banks oregon licensed Bureau de Change outlets successful Tanzania. However, they whitethorn proceed to usage slope cards and different integer outgo methods.
The Bank of Tanzania added.
''Foreigners, including tourists, are required to speech overseas currency done commercialized banks oregon the Bureau de Change successful Tanzania. They whitethorn besides proceed making payments utilizing slope cards oregon different integer outgo methods."The cardinal slope urged the nationalist to study immoderate violations of the caller regulations to the Bank of Tanzania oregon applicable instrumentality enforcement agencies, including the Financial Intelligence Unit and the Police Force.
The displacement follows increasing concerns astir dollarisation successful section markets and aims to curb the informal usage of overseas currencies that has reportedly been affecting monetary argumentation implementation.
Naira bounces backmost against US dollar
Earlier, Legit.ng reported that the Nigerian currency, the naira, rebounded somewhat against the dollar aft experiencing the worst commencement successful May 2025.
The section currency faced renewed volatility arsenic crude lipid prices plunged amid President Donald Trump’s sweeping planetary tariffs.
Experts person predicted the worst period for the naira arsenic OPEC+ members determination to summation output.
The apex slope published its finances to boost capitalist assurance and heighten transparency successful its affairs and overseas speech management.
PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!
Source: Legit.ng
