The Bank of Tanzania hereby announced to the general Public on withdraw of old Tanzanian Shillings banknotes from currency circulation, effective on 26th October, 2024. The banknotes subjected to withdraw includes currency denominations of twenty shillings (20 TZS), two hundred shillings (200 TZS), five hundred shillings (500 TZS) , one thousand(1,000 TZS), two thousand shillings (2,000 TZS), five thousand shillings (5,000 TZS) and ten thousand shillings (10,000 TZS) issued between the years of 1985 and 2003, as well as five hundred shillings (500TZS) note issues in the year 2010 which falls under the criteria provided in a Government Notice No. 858 of 11th October,2024.
All holders of the above-mentioned old banknotes are advised to exchange the banknotes where they will receive payment with equal value with the submitted old banknotes at the designed financial institutions such as all Bank of Tanzania offices and all commercial Banks before the expiry of the specified dates from 06th January 2025 to 05th April,2025.
Starting from 06th April, 2025 the abovementioned banknotes will cease to be legal currency in Tanzania. Thus, from the said date any holder of these old banknotes be it a person or an organization will not be permitted to use them for any transactions worldwide. And all banks will be restricted to pay or receiving any request of exchanging old banknotes which were removed from currency circulation.
Therefore, the Bank insist all citizens who are in possession of the aforementioned old banknotes to exchange them and deposit them in any commercial bank within the specified period.
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