Friday, July 19, 2024

The Tanzanian Shilling (TZS)

The Tanzanian Shilling (TZS) is the official currency of Tanzania.

The currency code of

Tanzania shilling is TZS, and the commonly used symbols are “TSh” or “x/y”.

The Bank of Tanzania is responsible for issuing and managing the country’s currency supply, as well as formulating and implementing monetary policy.

History of the Tanzanian Shilling

The Tanzanian shilling replaced the East African shilling in 1966, following the country’s independence in 1961 and the establishment of the United Republic of Tanzania in 1964.

The East African shilling was used in the region during British colonial rule and was the common currency in Kenya, Uganda and Tanzania (then Tanganyika).

Denominations and Breakdowns

The

Tanzanian shilling was divided into 100 smaller units called cents, but due to their lower cent value they are no longer used.

Coins are available in denominations of 50, 100, 200 and 500 shillings and banknotes are available in denominations of 500, 1,000, 2,000, 5,000 and 10,000 shillings.

The designs on Tanzanian shilling coins and banknotes often depict historical figures, cultural symbols and national landmarks, reflecting the country’s history and heritage.

Exchange rate and economy

Tanzania’s economy is diversified, with agriculture, mining, tourism and services contributing to the country’s GDP.

The country is famous for its production of cash crops such as coffee, tea, cotton and cashew nuts, as well as mineral resources such as gold, diamonds and tanzanite.

The Tanzanian Shilling exchange rate may fluctuate due to external factors, such as changes in global commodity prices, regional economic trends, and the performance of major international currencies.

Summary

The Tanzanian Shilling is the official currency of Tanzania and is administered by the Bank of Tanzania. The currency was introduced in 1966, replacing the East African shilling and providing a degree of stability to the national economy.

The

shilling was subdivided into 100 cents, but the cents are no longer used. Coins and banknotes are issued in various denominations and their designs reflect the country’s history and heritage.

The exchange rate of the Tanzanian Shilling is affected by external factors and the overall performance of the national economy.

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