The Tanzania Shilling (TZS) is the official currency of Tanzania.
The currency code for the Tanzania Shilling is TZS, and the symbol commonly used is “TSh” or “x/y”.
The Bank of Tanzania is responsible for issuing and managing the nation’s money supply, as well as setting and implementing monetary policy.
History of the Tanzania Shilling
The Tanzania Shilling replaced the East African Shilling in 1966, following the country’s independence in 1961 and the formation of the United Republic of Tanzania in 1964.
The East African Shilling had been used in the region during British colonial rule and was a common currency for Kenya, Uganda, and Tanzania (then Tanganyika).
Denominations and Subdivisions
The Tanzania Shilling is divided into 100 smaller units called cents, although cents are no longer in use due to their low value.
Coins are issued in denominations of 50, 100, 200, and 500 Shillings, while banknotes are available in denominations of 500, 1,000, 2,000, 5,000, and 10,000 Shillings.
The designs on Tanzania Shilling coins and banknotes often depict historical figures, cultural symbols, and national landmarks, reflecting the nation’s history and heritage.
Exchange Rates and Economy
Tanzania’s economy is diverse, with agriculture, mining, tourism, and services sectors contributing to the nation’s GDP.
The country is known for its production of cash crops such as coffee, tea, cotton, and cashew nuts, as well as its mineral resources, including gold, diamonds, and tanzanite.
The exchange rate of the Tanzania Shilling can be subject to fluctuations due to external factors, such as changes in global commodity prices, regional economic trends, and the performance of major international currencies.
Summary
The Tanzania Shilling is the official currency of Tanzania, managed by the Bank of Tanzania. Introduced in 1966 to replace the East African Shilling, the currency has provided a measure of stability to the national economy.
The Shilling is subdivided into 100 cents, although cents are no longer in use. Coins and banknotes are issued in various denominations, with designs reflecting the country’s history and heritage.
The exchange rate of the Tanzania Shilling can be influenced by external factors and the overall performance of the national economy.