DAR ES SALAAM, Nov2 (Xinhua) — The central bank of Tanzania on Friday reiterated its move to withdraw old Tanzanian shilling banknotes from circulation.
Ilulu Ilulu, acting director of currency management at the Bank of Tanzania (BoT), said the withdrawal of the old banknotes will be conducted from Jan. 6, 2025, to April 5, 2025.
“After this period, the old banknotes that will not be withdrawn from circulation shall cease to be legal tender,” he told a news conference at the port city of Dar es Salaam.
He said banknotes to be withdrawn are in denominations of 20, 200, 500, 1,000, 2,000, 5,000, and 10,000 shillings issued from 1985 to 2003, and 500 banknotes issued in 2010.
Ilulu said the BoT has instructed all commercial banks and financial institutions to accept deposits and facilitate the over-the-counter exchange of called-in banknotes from the public and make the payment of face value thereof.
“Prior to the commencement of this 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,” he said.
“They will be required to observe the security features of the called-in banknotes and adhere to guidelines for sorting, counting, packaging, cash depositing, and counterfeit detection issued by the central bank in 2015,” added Ilulu.
