About Bank of Tanzania
The Bank of Tanzania is the Central Bank of the United Republic of Tanzania established by the Bank of Tanzania Act of 1965, It became operational on 14th June 1966. Various amendments to the Bank of Tanzania Act have been made leading to the Bank of Tanzania Act of 1978 and the Bank of Tanzania Act of 1995. Presently, the Bank of Tanzania operates under the Bank of Tanzania Act, 2006.
The history of monetary arrangements in Tanzania prior to the establishment of the Bank of Tanzania is divided into two parts, namely, the period before the establishment of the East African Currency Board (EACB) in December 1919; and the period until the opening of the doors of the Bank of Tanzania in June 1966.
Monetary arrangements in Tanzania prior to l919 were different in Tanganyika from those in Zanzibar. This was because the former was under German rule, whereas the latter had its own government. The currency on the Mainland was the German Rupee, made of silver, while the subsidiary coin was the Heller, which was 1/100 of the Rupee. In Zanzibar, the Indian Silver Rupee and its subsidiary coins were in circulation. In addition, shells and cattle used to serve as a store of value, and, to a certain extent, even as a medium of exchange… Continue reading about Bank of Tanzania here.