BoT Warns Over Dollar Scarcity In The Country -

By STAFF REPORTER

The Central Bank of Tanzania (BoT) has issued a warning against the unpatriotic people who are holding foreign currency in secrecy, especially the US dollar, saying they will face disciplinary action when identified.

Addressing a Working Session of Board Chairpersons and Chief Executives of Public Institutions, BoT Governor Mr. Emmanuel Tutuba, expressed that Tanzania is implementing a special strategy to stabilize the availability of dollars, insisting that those stashing the global currency might be getting losses instead of profits.

“I urge you to return the money into the local market through proper channels. We will take legal action against all those who will be held using black market to complete their transactions,” the Governor warned.

And he added that the government is currently getting US dollars through the usual procedure involving loans, aid, exports and that there is an increase in tourists who have also been contributing to the availability of dollars.

According to the Governor, the scarcity of dollars is a global problem. It is a result of a decision by the US to halt the supply into the market as part of a monetary policy to control inflation.

The United States has planned such measures will remain active until next year. It hopes the measures would add the value of the dollar and reduce the inflation of the prices of goods and services in the US.