Fake notes big problem in rural TZ: BoT

Tanzanian bank notes 

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"Counterfeit money is a big problem in rural areas and dishonest businessmen have been using this loophole to prey on innocent villagers,” she said.


Dodoma.  Tanzania's counterfeit money problem is on the rise, particularly in rural areas where many lack knowledge of how to identify fake notes.

Speaking at Nanenane show grounds in  Nzuguni  just outside Dodoma municipality, BoT senior officer, Ms Rehema Zongo, said: "Counterfeit money is a big problem in rural areas and dishonest businessmen have been using this loophole to prey on innocent villagers." Given the challenge, the bank has started offering small workshops in rural areas on spotting counterfeit money. 

She said they have also trained businessmen and bar maids and noted that some bar owners have been fixing special bulbs which help them to identify fake notes.

On rumours that the Sh500 coin contains precious metals, Ms Zongo said it was not true as the coin is made of iron and laced with white copper.