Regulatory Alerts1998-09-24
Added · Updated
Foreign Exchange Circular Dated 24 Sept 1998
The Bank of Tanzania consolidates previous instructions to liberalize the foreign exchange regime, allowing banks and financial institutions to provide foreign currency facilities to residents for current account payments without ceilings, except for a US$10,000 limit on travel abroad. The directions impose specific documentary and reporting requirements on banks for export and import transactions, remittances for services, and capital account transactions, including the submission of bi-weekly reports on foreign currency inflows and outflows. Outward capital account transfers are restricted to repatriation of direct investment proceeds and scheduled debt servicing, while other outward transfers and specific activities like offshore account operations remain restricted. These directions take immediate effect and cancel the Foreign Exchange Manual 1992 and prior circulars.
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