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The Bank of Tanzania has officially banned the use of foreign currencies, including the US dollar, for local transactions and payments within the country.
This is part of the new regulations that were published in the Government Gazette on March 28, 2025 in a move to arrest the depreciation of the Tanzanian shilling.
In a public notice issued on Thursday, the central bank announced that all goods and services in Tanzania must now be priced and paid for strictly in Tanzanian Shillings.
“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 statement read.
The notice, signed by Bank of Tanzania Governor Emmanuel M. Tutuba, clarified that while certain transactions involving foreign currency are still allowed under the new rules, a time limit will apply to contracts already executed in foreign currency.
Moreover, entering into or renewing any agreements requiring foreign currency payments will be prohibited.
NKONKONSA.com
