The Bank of Tanzania (BoT) has urged the public to report any cases of businesses setting prices or accepting payments in foreign currency, emphasizing that such actions violate national regulations.
Speaking in Mtwara on February 26, 2025, economist Dominic Mwita from BoT’s Directorate of Research and Economic Policies reiterated the importance of using the Tanzanian Shilling for all domestic transactions. He noted that the government had mandated, starting July 1, 2024, that all pricing and payments within the country must be conducted in Tanzanian Shillings.
Mwita stressed that prior to this policy, foreign currency transactions were common, but the authorities have since clarified that the Tanzanian Shilling remains the sole legal tender under Section 26 of the Bank of Tanzania Act of 2006.
“If you encounter a business setting prices in a foreign currency, report it to the Bank of Tanzania or security authorities for action,” Mwita urged, adding that public cooperation is crucial in enforcing the regulation.
BoT continues to raise awareness about the policy, ensuring that businesses adhere to national currency regulations to maintain economic stability.