Why Tanzania Banned Use of US Dollars, Other Foreign Currencies
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The Bank of Tanzania has introduced new regulations to promote the use of the Tanzanian Shilling (TZS) in local transactions.
FCNN gathered that the use of foreign currencies, including the US Dollar, is prohibited for all domestic transactions in Tanzania.All goods and services within Tanzania must be priced and paid for exclusively in Tanzanian Shillings.
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The quoting, advertising, or acceptance of payment in any foreign currency for local dealings is strictly banned.However,existing contracts denominated in foreign currencies must be converted to Tanzanian Shillings within 12 months (by March 27, 2026), with possible extensions granted by the Minister of Finance under special circumstances.
