The banking and financial history of Tanzania dates back to 1965 when the central bank of the land, Bank of Tanzania (BOT), was officially formed by an Act of Parliament, i.e. BOT Act of 1965. The Act was amended in 1978 and later replaced by a new BOT Act of 1995, specifying the new objectives of the baking and financial system. It took on board the liberalized international standards of regulating and supervising of such institutions in Tanzania. Also, in the same vein, the Banking and Financial Institutions Act (BFIA) of 1991, was formulated to consolidate the banking system, harmonize its operations, and regulate credit operations in Tanzania.

NEW TANZANIAN CURRENCY