Analysis by Region - Emerging Markets - Tanzania
Tanzania has been grappling with a dollar shortage for more than a year, prompting authorities to implement various measures to reduce the country's reliance on US dollars and bolster its level of gross foreign reserves. Against this backdrop, Finance Minister Mwigulu Nchemba issued a new directive in June, requiring all transactions within Tanzania to be advertised and conducted in Tanzanian shillings, effective from July 1. Mr Nchemba has also emphasised the need to lower the country's dependence on imports and encourage domestic production to help conserve foreign currency. While we recognise the necessity of these efforts, their effectiveness will ultimately hinge on enforcement and market dynamics.
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