Tanzania bans foreign currencies, shifts to local shilling to reduce dollar dominance

The Eastern African nation of Tanzania has announced a ban on the use of foreign currencies, including the US dollar, which the country has been using mostly locally.

The Bank of Tanzania made the announcement just last week in local transactions, with the dollars their biggest target. The Bank announced that all goods and services are to be priced and paid in Tanzanian Shillings, but all tourist can use their bank cards for transactions.

All foreign currencies are expected to be exchanged at the Tanzanian commercial banks and exchange offices for transactions. This rule applies to tourists as well.

The decision by the Bank of Tanzania has been praised by many Africans as the bid to shit away from Americanism and Europeanism remain on course.

The Bank of Tanzania has informed the citizens to report violations of the regulations to the appropriate authorities.