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Tanzania issues directive to curtail rampant use of U.S. dollar
By Paul Owere
The Citizen, Dar Es Salaam, Tanzania
Sunday, June 16, 2024
Tanzania's finance minister, Mwigulu Nchemba, issued a decisivie directive on June 13 aimed at curbing the widespreadd use the the U.S. dollar within the country in a bid to address a critical challenge to the economy.
In his budget speech to the National Assembly, Nchemba highlighted the detrimental effects of dollarization, where both public and private institutions demand payments in foreign currency for goods and services provided domestically, exacerbating the shortage of dollars and hindering economic progress.
The directive mandates that all transactions be conducted and advertised in Tanzanian shillings, aligning with the legal framework of the country and promoting financial stability. ....
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