The Bank of Tanzania (BoT) has banned the use of foreign currencies for local transactions, meaning all goods and services must be priced and paid for in Tanzanian Shillings (TZS).
Following the ban, individuals, business owners, and traders cannot quote or accept payments in US dollars, Kenyan shillings, or any other foreign currency. ''The Bank of Tanzania wishes to inform the public that, by the provisions of Section 26 of the Bank of Tanzania Act, 2006, the Government has issued the Regulations on the Use of Foreign Currency, 2025,'' the statement read in part. ''Under these Regulations, pricing and payment for all goods and services within the country must be in Tanzanian Shillings.
Therefore, it is an offense to quote, advertise, or indicate prices in foreign currency, to compel, facilitate, or accept payment in foreign currency, or to refuse payment made in Tanzanian Shillings,'' the statement continued.
Tanzanian President Samia Suluhu addresses the Africa Summit in Dar es Salaam on July 26, 2023.
