Tanzania takes drastic action on conversion of Kenyan shilling to local currency

Bank of Tanzania responds to CBK and the new bank notes

Preident Uhuru Kenyatta with CBK Governor Patrick Njoroge during the launch of new bank notes in Narok

The government of Tanzania has announced that it has stopped the conversion of Kenyan shilling to local currency (Tanzania Shillings).

In a circular dated 07 June, 2019, The Bank of Tanzania disclosed that the move is aimed at combating illicit financial flow.

BoT stated that the decision is also in response to CBK’s move to immediately suspend currency conversion and repatriation of all Kenyan currency.

The memo read in part that “CBK has suspended currency conversion and repatriation of all Kenyan currency to restrict illicit flows into the Republic of Kenya and will not accept Kenyan currency with immediate effect.”

“Further, the Bank of Tanzania has been advised to freeze CBK Currency Collection Account with immediate effect” adds the memo.

The memo concludes by stating that "Given the gravity of illicit flows concerns raised by CBK, you are required to subject all flows from and into the Republic of Kenya to enhanced due diligence."

Below is the memo:

The move is the latest blow to unscrupulous businessmen, politicians and criminals hold large amounts of cash in their houses and in safes.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Why do guys still masturbate when they have girlfriends?

Why do guys still masturbate when they have girlfriends?

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

Police uniform, weapon are ID - Mutyambai addresses Boniface Mwangi's trending clips

From Millionaire to Hawker - How Muthee is rebuilding his life from scratch

From Millionaire to Hawker - How Muthee is rebuilding his life from scratch

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

If I rise, let me rise with other people - Crazy Kennar scoops 3 titles at the Pulse Influencer Awards

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Zuckerberg loses $6 billion hours after Facebook, WhatsApp, Instagram crashed

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

Cooking for Drake, collaboration with Wizkid and other things Tems revealed in a Twitter Q&A

I’m a father of Two - Willis Raburu’s humble request over his late daughter Adana

I’m a father of Two - Willis Raburu’s humble request over his late daughter Adana

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

I spent Sh800K - Vera speaks on begging for money to fund lavish Baby shower

#PulseUhondoMtaani: TV presenter's former househelp spills beans on toxic boss, Ezekiel Mutua removed from KFCB & other stories

#PulseUhondoMtaani: TV presenter's former househelp spills beans on toxic boss, Ezekiel Mutua removed from KFCB & other stories