Emmanuel Tutuba, Bank of Tanzania governor, speaks at the 3i Africa Fintech Summit. Photo by Ernest Ankomah/Bloomberg via Getty Images
Dodoma, Tanzania (Epicstorian) – Tanzania has officially prohibited the use of the US dollar in all local transactions, implementing a nationwide policy aligned with the BRICS de-dollarization strategy.
The Bank of Tanzania (BoT) declared that the Tanzanian Shilling (TZS) is now the sole legal tender for all transactions within the country.
The regulation follows growing concern over the widespread use of foreign currencies—primarily the US dollar—in domestic transactions, sidelining the national currency. The move reflects Tanzania’s commitment to strengthening monetary sovereignty by eliminating reliance on foreign denominations.
Tanzania Enforces Currency Law Backed by BRICS De-Dollarization
The new directive applies to individuals, traders, corporations, and financial institutions. Any pricing, billing, or payment in foreign currency is now considered a legal violation. The BoT emphasized that quoting, advertising, or facilitating payments in the US dollar or any other foreign currency is prohibited.
“Under these Regulations, pricing and payment for all goods and services within the country must be in Tanzanian Shillings. Therefore, it is an offense to quote, advertise, or indicate prices in foreign currency, to compel, facilitate, or accept payment in foreign currency (US dollar), or to refuse payment made in Tanzanian Shillings,” the BoT statement said.
Tourists visiting Tanzania are also required to transact using the Tanzanian Shilling. The regulation restricts foreign currency usage to a few officially recognized sectors and mandates strict declaration procedures.
Tanzania’s De-Dollarization Aims to Protect the National Economy
Tanzania’s decision echoes the BRICS alliance’s push toward de-dollarization, with member states reducing dollar dependence in global trade. Inspired by this initiative, Tanzania is pushing to restore the Tanzanian Shilling’s dominance and shield the local economy from external currency fluctuations.
Developing countries within and outside BRICS have been exploring similar policies. Recent data shows only 33% of BRICS trade is settled in US dollars, while transactions in the Chinese yuan reached 24% in 2025.
Exceptions to the Rule in the Dollar Ban
The ban allows for limited exceptions under specific circumstances. These include transactions by:
- Foreign embassies and diplomatic missions
- International organizations with registered agreements
- Government contributions to regional blocs and institutions
- Multinational corporations with authorized exemptions
In each case, transactions must be reported and approved under Bank of Tanzania guidelines, with all required documentation in place.
Tanzania Joins the BRICS Currency Revolution
Though not a formal BRICS member, Tanzania’s policy shift signals alignment with the bloc’s broader monetary vision.
The government aims to reduce foreign currency influence and bolster the use of local currency in both domestic and international commerce.
Also Read: CBN Launches NRBVN to Target $1bn Monthly Diaspora Remittances
The shift also signals to regional partners that Tanzania is positioning itself as a frontrunner in Africa’s movement toward economic independence.
The de-dollarization framework may encourage other African nations to adopt similar measures in the coming months.
