On the 1st of September 2023, the Governor of the Bank of Tanzania issued amendments to the
Foreign Exchange Regulations 2022. The spirit of the 2022 Regulations was to regulate foreign
exchange activities. Major issues covered in the new amendments are;

  1. Bank account relationship is no longer necessary in buying or selling foreign
  • The amendment has deleted Regulation 3(7) &(8).
  • Regulation 3(7) mandated that an exporter sell foreign currency through a bank or
    financial institution where he maintains an account relationship.
  • Regulation 7(8) prohibited a bank or financial institution from buying foreign
    currency from an exporter with no account relationship.
  • The bank account relationship is no longer necessary. This allows trading in forex
    without one necessarily having a bank account with a particular bank or financial

2. Revised penalty for non-compliance with foreign loans registration requirement.

  • Foreign Exchange Regulations require foreign debt exceeding 365 days to be
    registered with the Bank of Tanzania.
  • The amendment now directs that the penalty for non-compliance should be as
    provided in the Foreign Exchange Act.
  • Per the Act, failure to register a foreign loan would attract a penalty of not more than
    four million or imprisonment term of not more than 14 years or both.

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