Tanzania's Ministry of Finance has revised the regulatory framework for foreign exchange bureaus, replacing the 2019 Foreign Exchange Bureaus Regulations with new 2023 rules intended to make currency exchange services more widely available, including near tourist hotels in Zanzibar. The update was set out in a parliamentary response by Deputy Minister of Finance Hamad Hassan Chande. The Ministry linked the regulatory changes to an increase in Zanzibar’s foreign exchange bureaus from four bureaux with 11 branches to 15 bureaux with 35 branches. The changes, published in Government Gazette No. 42 of October 2023, introduced a three-tier licensing framework (Class A, B and C), reduced the capital required to establish bureaux, and created a pathway for hotels rated three stars or above to apply for foreign exchange bureau licences via the Class C window.
Ministry of Finance (Tanzania) 2025-02-13
Tanzania's Ministry of Finance issues 2023 foreign exchange bureau rules opening Class C licensing to three-star hotels and lowering capital requirements
Tanzania's Ministry of Finance has replaced the 2019 foreign exchange regulations with new 2023 rules to expand services near tourist hotels in Zanzibar. Detailed in Government Gazette No. 42 of October 2023, the changes include a three-tier licensing framework, reduced capital requirements, and a provision for three-star hotels to apply for Class C licences. This update increased Zanzibar's foreign exchange bureaus from four to 15, with branches rising from 11 to 35.