Tanzania has finalized new guidelines aimed at promoting the exclusive use of the Tanzanian shilling for all domestic transactions. The move is part of the government’s efforts to strengthen its national currency and reduce reliance on foreign currencies, particularly the US dollar. Under the new policy, all businesses and individuals are required to conduct transactions, including payments for goods, services, and loans, in Tanzanian shillings. This initiative is seen as a step toward enhancing monetary sovereignty and boosting the local economy by encouraging the circulation of the shilling within the country. The government believes that by enforcing these regulations, it will foster a more stable currency market and encourage Tanzanians to trust and use their own currency. Additionally, the policy seeks to counter inflationary pressures that have been exacerbated by the use of foreign currencies. While the move has been met with some resistance from businesses and financial institutions accustomed to dealing in foreign currencies, it is expected to strengthen the economy in the long term by reducing exchange rate volatility and fostering greater financial inclusion for the population.
