2016-06-15 Wed

As per reports dated 9th June, The Central Bank of Tanzania has initiated a policy named “Clean Money” through which soiled currency notes that are sent to the central banks by commercial banks for destroying are sorted. The replacement policy has considerably improved the quality of notes.

Officials stated that ATMs would issue first quality notes, banks’ counters would issue the second quality ones and the soiled ones would be returned to the central government for replacement. There are hindrances in cases where there are no branches available. The central bank officials have also mentioned about poor keeping of notes which reduces its life. The policy is a part of a series of various reforms that have been undertaken by the Central Bank of Tanzania to improve convenience in banking and overall economy.

The director of the Central Bank also said that the issue of scarcity of 50/- coins has been taken care of and anybody in need would receive them from the banks directly. Central Bank also has plans to stop issuing 500/- notes due to the high cost of reprinting them.