Breaking: Tanzanian Central Bank Declares Rejecting Payment in Shillings Illegal!

By Lola Coin Jun 23, 202375Views

The Tanzanian central bank has declared that demanding or quoting prices in foreign currency is illegal and violates the Bank of Tanzania Act 2006. Only commercial banks and Bureaux de Change are permitted to determine exchange rates. This announcement follows the bank’s recent instruction for authorized forex dealers to only trade with licensed international foreign currency brokers. The central bank emphasized that the prohibition on foreign currency payments between citizens, which was implemented in August 2007 and reaffirmed in December 2017, is still in effect. However, there are exceptions for tourists and non-residents who may pay in foreign currency for services such as accommodation, travel, and visa fees. Prices for goods and services like rentals, education, and medical fees must be quoted in Tanzanian shillings, the country’s legal tender. The same rules apply to transport services, electronic products, and telecommunications.

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