Dear Esteemed Client,
We wish to bring to your attention that the Foreign Currency Usage Regulations, GN. No. 198 of 2025, were published in the Government Gazette on 28th March 2025.
These Regulations apply to all individuals and entities operating within the United Republic of Tanzania, including transactions conducted within the country.
The Regulations stipulate that all prices for goods and services must be quoted in Tanzanian Shillings (TZS), and all transactions within the country MUST be conducted using Tanzanian Shillings only.
For the purposes of these Regulations, “transaction” includes quoting, announcing, specifying, publishing, arranging a price, or making or receiving payments for goods or services within the country.
Furthermore, the Regulations prohibit entering into contracts for goods or services denominated in foreign currency; therefore, all contracts MUST now be concluded in Tanzanian Shillings.
Non-compliance with these Regulations results into commitment of offence. We therefore urge you to ensure full compliance.
Please note: Any contract for the supply of goods and services within the country that was entered into in a foreign currency prior to the effective date of these Regulations MUST be amended to comply within one year from the date of announcement.
For your reference, we have attached the Foreign Currency Usage Regulations, GN. No. 198 of 2025.
How does this affect you? All new quotations, invoices, and policies will be issued in Tanzanian shillings (TZS). Therefore, please declare your values, sums insured, and limits in TZS.