BRICS: Tanzania Issues Major Update on US Dollar Ban
Tanzania took a leaf from the BRICS alliance and announced a ban on US dollar transactions within the country. Only the Tanzanian Shillings (TZS) are made a legal tender while all foreign currencies are deemed illegal. The government decided after foreign currencies were used for all local transactions among residents. To curb the influence and strengthen the TZS, President Samia Suluhu Hassan took the bold step of leaving other currencies behind. Also Read: Can BRICS Topple the US Dollar? Brazil Central Bank Director Explains BRICS: Tanzania’s New update, Businesses That Deal With Foreigners Can Transact in the US Dollar Source: altezzatravel.com Johnson Nyella, Principal Secretary for the Ministry of Finance made a major announcement that businesses in Tanzania that deal with foreigners are allowed to accept the US dollar for transactions. The decision came after businesses showed concerns that foreign clients are reluctant to conduct business in local currencies. Therefore, the...