Days after the Bank of Tanzania (BoT) as asked currency dealers to be on the lookout for counterfeit dollars.
BoT informed commercial banks and bureau de change operators on October 10, 2023 that it had “received information regarding the seizure of large amounts of US dollar counterfeit notes in a foreign country, which were destined for the African continent.”
The BoT ordered forex firms to take “necessary precautions,” including upgrading their systems for detecting counterfeit currency notes.
On October 6, the new laws for forex shop operations were released, replacing existing restrictions that had been in effect since 2019.
Forex exchange bureaus will now be classified into three types based on variables such as ownership range, minimum capital requirements, and scope of operations.
Tanzania’s currency reserves fell marginally from $5.246 million in July to $5.208 million at the end of August, according to the Bank of Tanzania’s latest monthly economic assessment report, issued on October 12.
According to the study, current reserves were still sufficient to cover 4.7 months of planned imports, which remained over both the country and East African Community criteria of 4 and 4.5 months, respectively.
