The Bank of Tanzania has issued a sweeping directive requiring all goods and services in the country to be priced and paid for exclusively in Tanzanian shillings (TZS), citing the Bank of Tanzania Act, 2006.
“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 central bank said in a statement on Monday.
The move bans companies and traders from listing prices or signing new contracts in dollars or any other foreign currencies.
Existing contracts made in foreign denominations must be amended within a year to comply with the new regulation.
Exceptions have been made for embassies, international and regional organisations, which may still use foreign currencies for specific transactions.
Tourists and foreigners are also allowed to exchange money at licensed financial institutions and use cards or digital methods, provided payments are processed in shillings.
Businesses—especially those in border trade with Kenya—are expected to feel the impact of the directive, as Kenyan firms will now need to convert funds into Tanzanian currency before transacting.
The central bank says the policy is aimed at strengthening the Tanzanian shilling and boosting national economic stability. It has urged citizens to report any violations of the directive.
The new rule takes effect immediately, with a one-year transition window for contract adjustments.
