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The Governor of the Bank of Tanzania (BoT),Emmanuel Tutuba, has urged owners and operators of tourist hotels to acquire a license for exchanging foreign currency in an attempt to curb the black market
The Governor of the Bank of Tanzania (BoT), Emmanuel Tutuba, has urged owners and operators of tourist hotels to acquire a license for exchanging foreign currency in an attempt to curb the black market.
Last October, the central bank issued new foreign exchange regulations that allowed hotels to engage in currency exchange businesses to increase the availability of the service.
However, as of March this year, only one hotel had applied for the license, while others are allegedly exchanging or pegging the services in foreign currency.
Tutuba, who met hotel owners and operators receiving tourists on Thursday, March 14, 2024, said the license would enable the central bank to obtain crucial statistics and information to strengthen the financial sector.
“In October last year, we made amendments to the Foreign Exchange Bureaus Regulations, creating an official window to allow hotels ranging from three to five stars to start providing foreign exchange bureau services,” said Tutuba.
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According to him, only one hotel has applied for the license so far, highlighting that the remaining hotels continue to charge customers in foreign currency without proper authorization, leading to an unregulated market.
