188 forex bureaus in Tanzania face closure over new capital requirements

188 forex bureaus in Tanzania face closure. Only 109 of them out of 297 pass the new minimum capital requirements. (THE CITIZEN PHOTO)

DAR ES SALAAM – About a third of Tanzania’s forex bureaus have complied with a new law on forex business in the country, with the rest failing to meet the required conditions in the fresh registration ordered by the government, Business Daily has reported.

Only 109 out of 297 forex bureaus, which existed before the start of the new registration, passed the requirements, according to the government.

Mr Philip Mpango, the Finance and Planning minister, said on Sunday that the 188 bureaus that did not meet the new threshold face deregistration.

Mr Mpango was delivering a report on the state of the country’s economy and the six months implementation of the government’s 2018/19 budget.

Tanzania is taking new measures to strengthen forex business in the country and avoid any possible involvement in illegal business such as money laundering.

The minister said are being disqualified because they lack the minimum capital requirement of TSh100 million – TSh300 million for a bureau de change to be placed in grade -A, and TSh250 million-TSh1 billion capital for grade-B.



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