Dar es Salaam, March 5 -- MTWARA: THE government is finalising new guidelines to enforce the exclusive use of the shilling in domestic transactions, as mandated by the Bank of Tanzania Act 2006.

The initiative, driven by the Ministry of Finance and the Bank of Tanzania (BoT), aims to strengthen the shilling, enhance monetary sovereignty, and curb the unnecessary demand for foreign currency.

BoT Economist Dominic Mwita, said at a recent seminar for business and finance journalists in Mtwara, that that these guidelines align with Section 26 of the BoT Act, which designates the shilling as the sole legal tender.

“The government is working on regulations and guidelines on the use of foreign currency,” he said at the seminar aim...