Home Business News Economy Bank of Tanzania freezes exchange of new notes

Bank of Tanzania freezes exchange of new notes

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Kenyan neighboring Bank of Tanzania has frozen the exchange of the new notes with immediate effect.

The new regulations follow assurance of the new notes by the Central bank of Kenya come May 31st. As the government is aware of illegal financial flows, Bank of Tanzania froze the CBK Currency Account with immediate effect.

The effect of these new regulations is that anyone with the old currencies will be forced to first exchange them in Kenya first before using them in Tanzania.

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The new currency notes were unveiled on Madaraka Day, 1st June as the CBK Governor Patrick Njoroge keen on money launders tactics to get them.

Also read: Mutua defends the new currencies terming the debate weak

In a bid to stop the vice, neighboring regulators have been informed of the same and are co-operating to ensure a smooth transition.

People with amounts exceeding Ksh 1 million are required to get an approval from the CBK before exchange.

Those with bank accounts and require an exchange of more Ksh 1 million will require to state the source of their money.

Also read: MP Simon Mbugua moves to court to challenge the new currency

This is a government initiative in the fight against corruption.

Slavian Mwangecho
Passionate blogger on a day to day activities happening in Kenya, Africa and around the world. A keen follower of the latest news making headlines around the world


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