Tanzania clarifies closure of forex shops during Magufuli era
Tanzania, April 2 -- Dar es Salaam. The Tanzanian government said on Tuesday that it was compelled to close forex shops towards the end of 2018 and early 2019 after realizing several shortfalls in the way they [the shops] conducted their businesses.
Deputy Minister for Finance, Mr Hamad Chande said in the Parliament that during that period, when Tanzania was under President John Magufuli, some forex shops were closed due to a number of shortfalls in their operations.
Read: Why BoT is cracking down on forex shops
During that time, officials from the Bank of Tanzania (BoT) and the Tanzania Revenue Authority (TRA) conducted raids on privately-owned bureaux de changes in Dar es Salaam, resulting in the closure of numerous shops.
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