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| www.VisaRequest.co.za |
| Get your visa fast, easy and hassle-free, for only R100 service fee |
| BANKING AND FINANCE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The banking and financial history of the country dates back to 1965 when the central bank of the land, Bank of Tanzania (BOT) was officially formed by an Act of Parliament, i.e. BOT Act of 1965. The Act was amended in 1978 and later replaced by a new BOT Act of 1995 which more than specifying the new objectives of the baking and financial system, it took on board the liberalized international standards of regulating and supervising of such institutions in Tanzania. Also, in the same vein, the Banking and Financial Institutions Act (BFIA) of 1991 was formulated to consolidate the banking system, harmonize its operations and regulate credit operations in Tanzania. The BOT is, therefore, empowered by the above laws to register and supervise banks and financial institutions in the country. The five key components which the central bank keeps track on the institutions are:
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| REGISTERED BANKS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following is a list of currently registered banks (authorized
to receive money on current account subject to withdrawal by
check) in the country:
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| FINANCIAL INSTITUTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| APPROVED AUDITORS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following is a list of auditors approved by BOT to audit banks and financial institutions in Tanzania:
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| BUREAUX DE CHANGE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The enactment of the Foreign Exchange Act of 1991 allowed for the formation of Foreign Exchange Bureau which became operational from April 1992. The Foreign Exchange Bureaus are important players in the Interbank Foreign Exchange Market (IFEM) which started in June 1994. IFEM is a wholesale market for foreign exchange in the country which determines the country's official exchange rate and the provision of funds for the accumulation of international reserves. It should be mentioned at this juncture that Tanzania's trade and exchange system is completely free of restrictions on making payments and transfers for current account transactions. This is in conformity with Article VIII of the IMF Articles of Agreement, for the country's attractiveness of foreign investors. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TREASURY BONDS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In accordance with the new banks and financial institutions regulations and the new structured and liberalized investment condition in the country, the government through the BOT on August 1993 launched an auction market for the Treasury Bills. Treasury Bills with maturities ranging from 91 days to 364 days are auctioned every Wednesday of the week at 11.00 AM at BOT headquarters. The general public, individuals or groups, are invited to take place in a most secure and competitive auction in the country. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Bank Of Tanzania | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BANK OF TANZANIA (BOT) is located 10 Mirambo Street, P.O. Box 2939 Dar-Es-Salaam. Its telephone numbers are 255.22.211.0946 or 255.22.211.0947 while Fax numbers are 255.22.211.2671 or 255.22.211.3941. The central bank's web site is www.bot-tz.org whereby you can visit for detailed information and an up-to-date monthly economic reviews of the country. Policies and operations of the bank are well covered. The bank's e-mail addresses are info@hq.bot-tz.org and cmnoffice@hq.bot-tz.org. All inquiries on the banking and financial systems and their operations in the country should be forwarded to the above addresses. |
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