Under Tanzanian government rules all prices and payments for goods and services must be done exclusively in Tanzanian shillings (TZS).
Tanzania enforces strict regulations requiring the use of Tanzanian shillings for domestic transactions, limiting foreign currency use to specific exceptions.
These policies will launch on March 28, 2025 with the purpose of fortifying the national currency and maintaining economic stability.
All domestic business deals now need to be processed using TZS as the official currency.
Under the new policy,Tanzania enforces strict regulations on the practice of displaying prices as well as accepting payments through foreign currencies or facilitating transactions which use foreign currencies now becomes illegal.
The payment of contracts through foreign currencies remains illegal except when authorized by both the Minister of Finance and Governor of the Bank of Tanzania.
These regulations provide existing contracts a one-year timeframe to follow these new requirements.
The regulations contain particular exemptions for foreign currency use that grant permission for specific situation;
Payments of government membership dues to regional organizations within Tanzania.
Transactions with international organizations along with activities of embassies are exempt from these restrictions.
The regulations allow financial institutions to employ foreign currency as a credit facility.
Purchases at duty-free retailers.
The Tanzanian government implements these measures as part of its monetary policy effort to decrease dependence on foreign currencies.
All businesses conducting operations in Tanzania must modify their price structures along with their contractual arrangements to conform to the novel legal standards.
These regulations demand strict adherence from domestic businesses combined with foreign companies because non-compliance leads to legal penalties.
