DAR ES SALAAM, Oct 27 (NNN-DAILYNEWS) — THE Bank of Tanzania (BoT) has instructed all banks and financial institution to accept deposit and facilitate over the counter exchange of old banknotes in denomination of twenty, two hundred, five hundred, one thousand, two thousand, five thousand and ten thousand issues from 1985 to 2003.
The exercise will also involve banknotes in denomination of five hundred banknotes issues in 2010.
According to the letter issued to all banks and financial institutions across the country by the BoT Governor, Emmanuel Tutuba, the information has reference to the Government Notice No.857 and 858 published on October 11, 2024 communicating the call in deposit or exchange and cessation of old banknotes.
The Governor also instructed that the deposit or exchange of old banknotes shall last for a period of three months from January 6, 2025 to April 5, 2025 upon which they will cease to be legal tender.
“The bank of Tanzania hereby instructs all bank and financial institutions to accept deposit and facilitate over the counter exchange of called in notes from public and make the payment of face value thereof,” states Tutuba in a letter.
He added: “The exercise shall only be undertaken at head offices and branches of banks and financial institutions across the country and in any case shall not be facilitated through other points of financial services such as agents and or ‘wakala’.
Tutuba added that prior to the commencement of the exercise, the Bank will train personnel from banks and financial institutions with the view of ensuring that only genuine old banknotes are honored during deposit or exchange of called in banknotes.
Moreover, the Government notice issues on October 11, 2024, states that all banks shall not pay-out banknotes that have been called in for exchange or deposit.
The Governor urged banks and financial institutions to observe security features of the call in banknotes and adhere to guidelines for sorting, counting, packaging, cash depositing and counterfeit detection issued by BoT IN 2015.
“Exceptions will be made to deposit loose pieces which can not aggregate to a full bundle over the cashiers’ counter at BoT. — NNN-DAILYNEWS
