Tanzania bans use of Kenyan Shilling and other foreign currencies in new policy
Tanzania bans use of Kenyan Shilling and other foreign currencies in new policy
Tanzania has banned the use of the Kenyan Shilling and other foreign currencies in the purchase of goods and services within the country.
In a statement by the Bank of Tanzania (an equivalent of the Central Bank of Kenya) dated Friday, May 2, all goods and services will be procured using the Tanzanian Shilling.
Further, the bank also banned the advertisement of products in other currencies.
“Under these Regulations, pricing and payment for all goods and services within the country must be in Tanzanian Shillings. Therefore, it is an offence 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 bank directed.
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“The Regulations also specify transactions that are permitted to be conducted in foreign currency. Furthermore, the Regulations have set a time limit on contracts executed in foreign. currency and prohibit entering into or renewing contracts that require payments in foreign currency, effective from March 28, 2025.”
Consequently, Kenyans who plan to visit Tanzania were advised to change the Kenyan Shilling to Tanzanian Shillings at respective banks.
However, payment using bank cards is set to continue.
“Foreigners, including tourists, are required to exchange foreign currency through commercial banks or the Bureau de Change in Tanzania. They may also continue making payments using bank cards or other digital payment methods,” read the statement in part.
“The Bank of Tanzania urges the public to report any violations of these Regulations to the Bank through bxregulations@bot.go.tz, the Financial Intelligence Unit (FIU), the Police Force, or any other relevant law enforcement authority for appropriate action. A copy of the Regulations is attached for reference.”
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