Issues new regulations on foreign exchange offices

On 6 October 2023, the Bank of Tanzania (BoT) issued new Foreign Exchange (Bureau de Change) Regulations (Government Notice No. 730 of 2023), which revoke the Foreign Exchange (Bureau de Change) Regulations, 2019. The new Regulations introduced, among other things, three classes of licences: A, B, and C. A class A Bureau de Change is to be foreign or locally owned and allowed to open branches anywhere in the country. Foreign-owned class A Bureaux de Change are required to have a minimum capital of TZS1-billion (~$400 thousand), while locally owned class A Bureaux de Change are required to have a minimum capital of TZS500-million (~$200 thousand). A class B Bureau de Change are limited to local shareholding and shall not be allowed to open branches. It is required to maintain a minimum capital of TZS200-million (~$ 80 thousand). Finally, a class C Bureau de Change can be established in any hotel of a rank of three stars and shall be issued exclusively to a hotel or hotel owner. They are not required to maintain minimum capital.

• Type:

  • Entry and establishment (Ownership and control)
  • Entry and establishment (Ownership and control)
  • Treatment and operation (Capital transfer and FOREX)
  • Treatment and operation (Capital transfer and FOREX)

• Industry:

  • Services (Financial and insurance activities)

• Sources:

  • Government Portal, Public Notive - Bureau de Change Regulations Government Notice No. 730 of 2023, https://www.bot.go.tz/Adverts/PressRelease/en/2023101609475974.pdf, 16 Oct 2023
  • ENSAfrica, Tanzania BoT issues new regulations for Bureau de Change , https://www.ensafrica.com/news/detail/7722/africa-business-in-brief, 23 Oct 2023