14 February 2019

Tanzania: Bank of Tanzania Confirms Closure of Bureau

Moshi — The Bank of Tanzania (BoT) has closed Trast Bureau de Change in Moshi Town, pending investigations into its operations.

Reports about the closure of the Bureau de Change, which is said to be owned by a Moshi businessman, Vicent Laswai, started to spread over the weekend, but neither Laswai nor his aides were available for comment.

However, yesterday Bot confirmed about closing the Bureau de Change on January 30,2019, pending the investigations into its Central Forex Branch based in Arusha Region.

The Central Forex Branch was closed during the recent police crackdown in Arusha Region on buraux de change that were being operated contrary the country's laws.

BoT Finance Management Department Director Victor Tarimu confirmed to the Citizen that the Central Forex Branch had been closed like other bureaux de change in Arusha Region.

"As other bureaux de change that have been closed in Arusha Region, the Central Forex Branch is under investigations by state organs," said Tarimu.

"To avoid interfering with the ongoing investigations, it was also necessary to close Trast Bureau de Change until the investigations are completed. These reasons were told to owners of the bureax de change on January 30, 2019," he insisted.

In November last year, BoT, using TPDF officers, closed at least 30 bureaux de change in the City of Arusha, including the Central Forex Branch.

The BoT Governor, Prof Florence Luoga, was quoted as saying the operation discovered that some bureau de change, despite having licences, did not meet the requirements.

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