A recent report by The Citizen revealed that the Bank of Tanzania has granted licenses to 30 hotels around the nation to operate bureaus de change.
One advantage for the hotels granted licenses is the exemption from needing capital. Typically, bureau de change operators are required to have a starting capital of no less than Sh200 million, and no more than Sh1 billion, however, the hotels granted licenses to run currency exchange need no minimum capital.
Mr. Gwamaka Charles, the BoT Senior Inspector for Financial Sector Supervision, stated that the initiative is meant to simplify the currency conversion procedure for both foreign and local visitors.
“We have granted licenses to over 30 hotels across the country, enabling them to offer bureau de change services within their premises,” Mr. Charles remarked during the unveiling of a new bureau de change at the Hyatt Regency Hotel in Dar es Salaam.
“Such development not only provides convenience for guests, but also ensures all procedures are conducted legally, and in accordance with the law,” he added.
He also emphasized the importance the bank’s directive for all transactions in the country to be carried out using the local currency.
The move also curbs the risk of a 14 year sentence as exchanging currency without the proper license can result in the aforementioned jail time.
With hotels having licenses to carry out this transaction there is less illegality in the field.
This initiative began in 2023 when the BoT urged all three-star and higher-rated tourist hotels in the country to open bureau de change or foreign currency windows to bring services closer to guests and reduce black-market operations.
