‘Tanzanian shilling the only legal tender in the country’-BoT.

 

Christian Gaya-HakiPensheni Centre

The Bank of Tanzania (BoT) reminds the public that Tanzanian shilling is the only legal tender in the country, and states further that this is according to...

section 26 of the Bank of Tanzania Act 2006.

The statement issued by the BoT today states that, in August 2007 and December 2017, the Government issued public notice strictly prohibiting domestic payments for goods and services using foreign currencies between residents of the United Republic of Tanzania.

“However, the Bank of Tanzania has recently observed violations of the directives,” the statement states.

Furthermore, the statement reminds the general public that the Government's directives issued are still valid and should be adhered to at all times as follows:

That all prices of goods and services in Tanzania such as rent for land, housing and office; fees for education; medical services, equipment and reagents; transport, logistic and port services; electronic equipment and telecommunication services; etc. are required to be quoted in Tanzanian shillings.

These pertain to rent for land, housing and office; fees for education; medical services, equipment and reagents; transport, logistic and port services; electronic equipment and telecommunication services.

“Prices to be paid by tourists or non-resident customers may be quoted and paid in foreign currency. These include services such as accommodation, travel, airport and visa, transit trade and cargo handling. Tourists and non-residents who pay in foreign currencies must provide their identification documents such as passport and certificate of incorporation for companies for proper capturing and classification of statistics,” the BoT statement emphasises.

The exchange rate which will be used for making payment therein above should be displayed and should not exceed the prevailing market exchange rate. It should be noted that institutions registered to determine exchange rates are commercial banks and bureaux de change only.

It also goes further that any resident of the United Republic of Tanzania should use only Tanzanian shillings and not be forced or obliged to make payment to another resident of the United Republic of Tanzania for any good or service in foreign currency.