Tanzania: Uncertainty As 52 Money Shops Remain Closed

Mar 08, 2019

Uncertainty continues to surround the opening for business of a number of bureaux de change in the commercial city as the regulator conducts thorough investigations into their operations.

Over 50 bureaux de change in Dar es Salaam have not opened for business for one week now after the Bank of Tanzania (BoT) conducted an inspection into their undertakings. 

Preliminary findings by the regulator established that some of these businesses were flouting the law, regulations and procedures associated with the money changing business.

The head of communications at the BoT, Ms Zalia Mbeo, said the central bank will only be in the position to issue a complete statement on the matter after completion of the ongoing inspection.

"Inspection is still on. We will only issue a statement on which ones will resume operations and which ones will not upon completion of the exercise," she said.

The Citizen has established that at least 52 bureaux de change in Dar es Salaam remained closed until yesterday as they awaited the regulator's probe into their operations. 

Until yesterday, Terminal, UAE, Kariakoo as well as Tanzania Post Corporation (TPC) bureaux de change were the only ones doing business in Dar es Salaam.

The service is also available in commercial banks.

TPC said earlier this week that it was planning to open forex shops in all its offices -- located across the country -- before the end of this month in a deliberate effort to cash in on the closure of money shops.

Postmaster General Hassan Mwang'ombe was quoted saying towards mid-this-month, its foreign exchange services will be available in 19 regions where TPC has offices, insisting that the corporation has financial muscles to do the job and at the same time adhere to laws, rules and regulations.

 

Citizen Tanzania

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