Bank of Tanzania (BOT)
The Bank of Tanzania is the central bank of the United Republic of Tanzania established under the Bank of Tanzania Act 1965, and entered into force on 14 June 1966. Various amendments have been made to the Bank of Tanzania Act resulting in the Bank of Tanzania Act 1978 and the Bank of Tanzania Act 1995. The Bank of Tanzania operates Tanzania is currently under the Bank of Tanzania Act 2006.
The history of monetary arrangements in Tanzania prior to the establishment of the Bank of Tanzania is divided into two parts, the period leading up to the establishment of the East African Currency Board (EACB) in December 1919; And the period until the opening of the doors of the Bank of Tanzania in June 1966.
Monetary arrangements in Tanzania prior to 919 were different in Tanganyika than in Zanzibar. This was because the former was under German rule, while the latter had its own government. The mainland currency was the German rupee, which was made of silver, while the subsidiary currency was the Heller, which was 1/100 of a rupee. In Zanzibar, the Indian silver rupee and its coins were circulated. In addition, shells and livestock served as a store of value and, to some extent, as a medium of exchange.
Commercial banking was introduced in the country in 1905, when the Deutsch-Ostafrikanische Bank opened its office in Dar es Salaam. This bank received a concession from the German government to issue its own banknotes and coins, which helped the bank meet the demand for coins in exchange for their cash. The temporary mint was placed in Tabora. In 1911, another German bank, Handelsbank fuer Ostafrika, opened a branch in Tanga. There was also an official savings bank.
After World War I, Tanganyika became a mandate territory of the United Kingdom (UK) and its monetary system was compatible with that of Kenya and Uganda, in two main aspects:
By establishing EACB in December 1919 and
By auctioning off German bank assets and allowing British banks to open their offices.
The bylaws defining the constitution and the duties and powers of the Egyptian Accountability Council provided that it was constituted to provide and control the supply of currency in the East African Protectorate, the Uganda Protectorate and any other dependencies in East Africa, which may be added by the Foreign Secretary (UK), to ensure that the The coin is in satisfactory condition, and in general to monitor the interest of the dependencies in relation to the coin.
Originally, EACB operated in Tanganyika, Kenya and Uganda. Zanzibar adopted its currency in 1936. Other occupied countries joined the board later, but withdrew from it again after some time.
EACB is authorized to issue its own banknotes and mint coins in accordance with designs approved by the Secretary of State for circulation in its area of operations. The exchange rate between the Council’s currency and the British pound has been set by the Secretary of State. The EACB coin was issued primarily against the pound sterling, which indicates that the currency was mostly backed by the pound sterling. EACB itself ceased to operate in 1966, when central banks appeared in Tanzania, Kenya and Uganda.
Authorization
The primary objective of the Bank is to formulate, define and implement monetary policy directed towards the economic objective of maintaining domestic price stability leading to balanced and sustainable growth of the national economy.
Other jobs for Bank of Tanzania
Currency issue
Regulating and supervising commercial banks and financial institutions, including mortgage finance, development finance and lease finance;
Regulating, monitoring and supervising payment, clearing and settlement systems.
Guardian of the country’s reserves.
government bank;
bankers bank; And
Adviser to Governments on Economic and Financial Affairs;
CONTACT INFORMATION:
Head Office Address
16 Jakaya Kikwete Road 40184
Dodoma Tanzania
P.O Box 2303
Tel: +255 26 2963183/7 or +255 22 2232506
Fax: +255 26 2963189
Sub-Head Office Dar es Salaam
2 Mirambo Street 11884
P.o.Box 2939
Dar es Salaam Tanzania
Tel: +255 22 223 4494/5/7
Fax: +255 22 223 4217
Sub-Head Office Zanzibar
P.o.Box 568
Zanzibar Tanzania.
Tel: +255 24 223 0803 / 223 8234 – 5 / 223 6369 – 70
Fax: +255 24 223 0415