Tanzania: JPM Challenges BoT to Fully Monitor Foreign Exchange Act

Dar es Salaam — President John Magufuli has challenged the Bank of Tanzania (BOT) to effectively apply the Foreign Exchange Act, 1992 so as to ensure that foreign companies which operate in the country conduct their transactions using local accounts.

Speaking at State House after awarding certificates to members of two mining probe teams, Dr Magufuli says despite the law, many foreign bodies have been opening accounts locally but continue to use their foreign accounts to conduct their transactions.

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