New Regulations Issued by Bank of Tanzania to Strengthen Financial Sector

In an effort to promote transparency, stability, and efficiency in the financial system, the Bank of Tanzania has issued 40 new regulations governing foreign exchange, banking, and financial institutions.

New Regulations Issued

The following regulations have been issued:

• Foreign Exchange Regulations, 2022
• Banking and Financial Institutions (Mortgage Refinance Companies) Regulations, 2022
• Banking and Financial Institutions (Financial Leasing) Regulations, 2022
• Banking and Financial Institutions (Licensing) (Amendment) Regulations, 2023
• Banking and Financial Institutions (Corporate Governance) (Amendment) Regulations, 2023
• Banking and Financial Institutions (Development Finance) (Amendment) Regulations, 2023

Objectives of the Regulations

The new regulations aim to:

• Enhance transparency in foreign exchange transactions
• Strengthen the licensing framework for banking and financial institutions
• Improve corporate governance practices
• Promote development finance initiatives
• Ensure liquidity management

Impact on the Financial Sector

The new regulations are expected to have a positive impact on the financial sector by:

• Increasing confidence in the financial system
• Encouraging foreign investment
• Improving access to credit for small and medium-sized enterprises (SMEs)
• Enhancing the stability of banks and financial institutions

Compliance Requirements

All banking and financial institutions are required to comply with the new regulations by a specified deadline.

Further Information

For further information on the new regulations, please contact the Bank of Tanzania or visit their website. [Download the regulations here](insert link)