RC requests CRDB bank to extend forex hours

What you need to know:

  • Arusha Regional Commissioner Mrisho Gambo asked the management of CRDB Bank Plc yesterday to extend issuance of foreign exchange services beyond the normal banking hours to cater to the growing number of tourists who visit the northern regions.

Arusha. Arusha Regional Commissioner Mrisho Gambo yesterday asked the management of CRDB Bank Plc to extend issuance of foreign exchange services beyond the normal banking hours to cater for the growing number of tourists who visit the northern regions.

The government – through the Bank of Tanzania (BoT) – closed forex shops in Arusha in November, last year (2018), in what BoT Governor, Prof Florens Luoga, said was meant to fill loopholes against money laundering and other illegal transactions.

President John Magufuli said during a December 10, 2018 working session between him, the Tanzania Revenue Authority (TRA) and regional commissioners that tax evasion was rampant in the forex exchange business, noting that an intervention conducted by the government found that one licensed bureau had at least seven unregistered bureaux.

Speaking at an event for CRDB Bank and its clients here yesterday, Mr Gambo hailed the bank for filling the gap left by forex shops.

He said: “You shall recall that the government decided to intervene in the forex business after it got convinced that some operators were going contrary to the laid down laws and procedures.”

The closure however resulted into a scarcity in the availability of forex exchange services in Arusha….Your decision to open a special window for foreign exchange transaction is commendable,” he said.

Speaking during the event, the CRDB Bank managing director, Mr Abdulmajid Nsekela said his bank’s seven branches in Arusha were equipped with the services that residents will require.

He detailed a number of services that the bank offers, including microfinance and insurance brokerage.

The event was one of the initiatives by CRDB Bank to ensure that it extends its services closer to various segments within the community.