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Legal UpdateTanzania Issues New Licensing and Operations Regulations For Forex Bureaux Effective 2023

2 May 2024by finandlaw-admin

INTRODUCTION On 06th October 2023, the Bank of Tanzania (BoT) issued new Foreign Exchange (Bureau de Change) Regulations via Government Notice No. 730 of 2023. The 2023 Regulations replaces the older Foreign Exchange (Bureau de Change) Regulations, 2019. The Regulations cover various aspects related to bureau de change businesses, management, operation as well as supervision...

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NewsTanzania issues new Foreign Exchange Regulations. Importers, Exporters and Forex Dealers beware

3 May 2022by finandlaw-admin

INTRODUCTION The Government of Tanzania through the Central Bank Governor, has issued the new Foreign Exchange Regulations with effect from 13th May 2022. The new regulations were issued through the Government Notice No. 294 of 13th May, 2022 replacing the previous Foreign Exchange Regulations that were issued under Government Notice No. 629 of 1998. Besides,...

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NewsLEGAL ALERT: The Central Bank prohibits Operating Payment Systems Instruments Without Approval

17 October 2019by finandlaw-admin

The Central Bank prohibits Operating Payment Systems Instruments Without Approval: On 15th October, 2019 the Central Bank of Tanzania (Bank of Tanzania) issued a Circular No. LB.178/179/01/8 to all Operating Banks and Financial Institutions in Tanzania warning against engaging, partnering or enter into agreements with other entities to operate payment systems instruments without the Central...

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Legal UpdateTanzania Central Bank Issues New Regulations on Bureau De Change

16 August 2019by finandlaw-admin

INTRODUCTION: On 21st June 2017 the Bank of Tanzania (BOT) issued a directive to all Bureau de change on re-licensing requirements. The directive among others, required all Bureau de change to be relicensed and comply to operational requirements among others, capital requirements, staffing and governance. Subsequently, late 2018 the Central Bank conducted physical supervisory compliance...

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