Overseas accounts: Confusion cleared
By Express Team

Tanzanian individuals or companies registered in the country may open overseas accounts, subject to approval from Central Bank that would establish the merit of having such accounts.
Before the repeal of the Exchange Control Ordinance in 1992 by Foreign Exchange Act and introduction of Foreign Exchange Regulation of 1998, it was strictly illegal for citizens of Tanzania or registered companies, whether local or international, in Tanzania to have overseas account or an account in foreign currency.

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The World Bank’s Communications Officer, Partnerships and External Affairs-Africa Region, Beldina Auma-Owuor (R) with the Bank’s Senior Knowledge Management Officer, Operational Quality and Knowledge Services-Africa Region, Reinhard Woytek showing to journalists a copy of the newly launched book “Local Pathways to Global Development” at the Global International Learning Centre in Dar es Salaam early this week. (Photo by Leonard Magomba).

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