Browsing: The Bank of Tanzania (BoT)

• The government of Tanzania has responded to claims that Kenyan companies are now obtaining dollars from Tanzania
• Kenya is currently experiencing a severe dollar shortage as a result of massive international debt repayments
• The Bank of Tanzania (BoT) is monitoring and evaluating the foreign exchange market to ensure compliance with all applicable laws and rules

The government of Tanzania has responded to claims that Kenyan companies are now obtaining dollars from Tanzania to fulfil their obligations to manufacturers and general goods importers.

Kenya is currently experiencing a severe dollar shortage as a result of massive international debt repayments, which caused its foreign exchange reserves to fall to a level that was below the key level of four months’ import coverage.

Lawrence Mafuru, the Deputy Permanent Secretary in the Ministry of Finance and Planning, stated in Dar es Salaam yesterday that the Foreign Exchange Act and rules govern the nation’s foreign …