BoT shuts 15 forex shops for violating regulations

Dar es Salaam. The Bank of Tanzania (BoT) has deregistered 15 bureaux de change in the last three years for operating illegally.

The BoT Director of Banking Supervision Agapit Kobelo told The Citizen  that the establishments violated various provisions of the Foreign Exchange Regulations of 2008 enforced under the Foreign Exchange Act, 1992.

They include Namanga Bureau de Change (Dar es Salaam), Samora Bureau de Change (Dar es Salaam), Tareto Forex (Arusha), Massive Bureau de Change (Dodoma) and Tai Five Bureau de Change (Mwanza).

Others include D.B.K. Bureau de Change (Mwanza), A.R.E Bureau de Change ( Dar es Salaam), Ngwasuma Bureau de Change (Dar es Salaam), Baraka Bureau de Change (Bagamoyo) and Chole Bureau de Change (Mafia).

Other deregistered bureaux de change are Shivangi Bureau de Change (Zanzibar), Shangani Bureau de Change (Zanzibar), Bureau de Change 2000 (Dar es Salaam) and Thomas Cook (Moshi).

“In order to ensure that bureaux de change abide by the regulations, the Bank of Tanzania has been issuing licences every year and any bureau de change failing to abide by regulations is liable for punishment, including cancellation of licence,” Mr Kobelo said.

During the stated period there was no bureau de change that was found to indulge in money laundering activities, according to him.

Commenting on BoT’s decision to deregister the 15 bureaux de change, the financial controller of Capital Bureau de Change operating from Zanaki Street in Dar es Salaam, Mr Abbas Moledina, said the regulator has been fair in monitoring the compliance of foreign exchange dealing companies.

“We think that the regulator has been fair in ensuring conducive business operation in foreign exchange dealing. Although competition is stiff, the operating business environment is fair,” said Mr Moledina.