The Bank of Tanzania (BOT) has reiterated that shillings remain the East African country’s sole legal tender. The apex bank said residents quoting prices in foreign currency or those refusing payment in Tanzanian shillings are in violation of the Bank of Tanzania Act 2006. The central bank said only commercial banks and Bureaux de Change are allowed to determine exchange rates.
Rejecting Payment in Shillings a Violation of the Law
The Tanzanian central bank has said the practice of demanding or quoting prices in foreign currency is illegal and that those refusing to accept payment in Tanzanian shillings are in violation of the Bank of Tanzania Act 2006. In a June 20 press release, the bank also reiterated that only commercial banks and Bureaux de Change are allowed to determine exchange rates.
The latest warning by the Bank of Tanzania (BOT) came barely a month after the apex bank told the country’s authorized forex dealers to only trade with licensed international foreign currency
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