The Bank of Tanzania (BoT) has announced a ban on the use of foreign currencies for domestic transactions, as part of new regulations designed to strengthen the role of the Tanzanian shilling in the national economy.
In a statement signed by Governor Emmanuel Tutuba, the BoT said the directive stems from the newly published Regulations on the Use of Foreign Currency, 2025, outlined in Government Gazette No. 198 dated March 28, 2025.
Effective immediately, all pricing, quotations, and payments for goods and services within Tanzania must be conducted in Tanzanian shillings. It is now prohibited to quote or request payment in foreign currencies for local transactions.
However, exceptions remain for certain transactions explicitly outlined in the new regulations. Existing contracts involving foreign currency will be honored within a set time limit, but no new or renewed contracts requiring foreign currency payments are allowed from March 28, 2025, onward.
Foreign visitors, including tourists, are required to exchange their foreign currency at licensed commercial banks or Bureau de Change outlets. They may also continue using digital payment methods such as credit or debit cards for purchases.
The central bank has encouraged the public to report any violations of the new rules to the BoT through the Financial Intelligence Unit, police, or other law enforcement agencies.
-Africa News
