Bank of Tanzania to Roll Out New Banknotes
Read Time:1 Minute, 45 Second
The Bank of Tanzania (BoT) is set to introduce updated banknotes from the 2010 series into circulation beginning February 1, 2024.
The new notes will feature the signatures of Finance Minister Dr. Mwigulu Nchemba and Bank of Tanzania Governor Emmanuel Tutuba, replacing those of former Finance Minister Dr. Philip Isdor Mpango, now Vice President, and retired Governor Prof. Florens Luoga.
BoT Governor Tutuba made the announcement during a ceremony in Dar es Salaam. At the event, he presented sample banknotes in denominations of 10,000/-, 5,000/-, 2,000/-, and 1,000/- to Finance Minister Dr. Nchemba at the Ministry of Finance offices.
This move is part of ongoing efforts to reform the nation’s currency while adhering to Tanzania’s financial regulations.
“I am pleased to inform you, that the printing of the new banknotes, based on the 2010 series, has been completed. We have already communicated this to the public through the Government Gazette.” Governor Tutuba stated.
Read: Growth Expected as Bank of Tanzania MPC Maintains CBR
The reform process also includes the phased withdrawal of older banknotes issued between 1985 and 2003, as well as the 2010 TZS 500 note. The withdrawal order affects denominations of TZS 20, 200, 500, 1,000, 2,000, 5,000, and 10,000 from those earlier years.
The Bank of Tanzania, to facilitate the transition, has instructed financial institutions to enable a smooth exchange of the older notes for the updated series.
The new banknotes will circulate alongside the current ones from the 2010 series and retain the same security features, size, color, and overall design. The only notable difference will be the updated signatures of the Finance Minister and the Bank of Tanzania Governor.
Finance Minister Dr. Mwigulu Nchemba expressed his approval of the initiative, highlighting its importance in maintaining the integrity of Tanzania’s currency.
He also praised President Samia Suluhu Hassan for her unwavering support of the project and commended the BoT for its professional handling of the printing process.
The BoT reassures the public that the changes will not disrupt the usability of the existing notes.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0
Average Rating