BoT to license more forex bureaus
Dodoma. The Bank of Tanzania (BoT) has received four new foreign exchange (bureau de change) license applications.
This was said by Deputy Minister of Finance and Planning, Mr Hamad Masauni in parliament on Friday September 10.
He said the applications are being analysed and the owners will be given licenses if they meet the criteria of operating bureau de change in the country.
Mr Masauni was answering a question from Moshi Urban lawmaker, Priscus Tarimo.
Tarimo asked what was to follow after the closure of all bureaux de change in the country.
Answering the question Mr Masauni said the bureaux de change that were not closed have been doing business and opening new branch in different parts of the country.
He said in general, the condition of foreign exchange services in the country is satisfactory.
In addition, Masauni said closed bureaux along with other companies wishing to starts foreign exchange in the country, are allowed to apply for a license from the BoT.
He said applicants were required to comply with the requirements of Foreign Exchange Act, of 1992, and the Foreign Exchange trading regulations of 2019.
In 2018 the government closed bureaux de change explaining that the main reason was tax evasion by the traders in currencies.
In their intervention they found that one licensed bureau might have at least seven unregistered bureau and among 37 bureaux de change inspected only one was registered.
