TANZANIA: THE Ngorongoro Conservation Area Authority (NCAA) has officially begun conducting all transactions in Tanzanian shillings, replacing previous dealings in US dollars.
According to a statement from NCAA, all payments previously made in US dollars will now be converted to Tanzanian shillings based on the daily exchange rate provided by the Bank of Tanzania (BoT).
The government is working with relevant stakeholders to establish a permanent payment system.
The statement further clarified that individuals or companies issued control numbers in US dollars before July 1st of this year will continue to be paid in the currency specified in their respective control numbers until August 1st.
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This move by NCAA follows recent government directives that as of July 1st, all goods and services provided in the domestic market must be charged and settled in the local currency.
In Parliament last month, Minister for Finance Dr. Mwigulu Nchemba announced the enforcement of Section 26 of the Central Bank Act, which designates the Tanzanian Shilling as the sole legal tender.
The minister emphasized that regulations and penalties will be introduced to deter non-compliance with the law.
Dr. Nchemba highlighted that quoting prices in shillings for goods and services sold domestically is now mandatory, as part of efforts to address dollarization and reduce the widespread use of foreign currencies, particularly the US dollar, in transactions by public and private institutions
