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Central bank to issue new notes in 8 months

Discussion in 'Habari na Hoja mchanganyiko' started by Teamo, Oct 16, 2009.

  1. Teamo

    Teamo JF-Expert Member

    Oct 16, 2009
    Joined: Jan 9, 2009
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    FARAJA MGWABATI,-daily news

    THE Bank of Tanzania (BoT) has appointed two foreign firms to print new bank notes.

    BoT Governor, Prof Beno Ndulu, said in Dar es Salaam yesterday that the new notes would be in circulation by June next year.

    The new notes will be used together with the old ones, until the old ones disappear in the circulation. "The old ones would still be a legal tender," he stressed.

    Prof Ndulu said the Swedish company Crane Currency AB, would print notes with denomination of 10,000, 5,000, 2,000 and 500, while the UK-based De La Rue would print the 1,000 notes.

    He said the bank was in final discussions with the two companies on the designs and security features of the new notes and the printing would start soon.

    Some of the salient features in the new notes would be introduction of new signatures of the Governor and the Minister of Finance and Economic Affairs, replacing those of the late Governor Daudi Ballali and former Finance Minister, Basil Mramba.

    Prof Ndulu added that BoT was collecting various comments from the stakeholders on the quality of notes, which would be considered in designing the new bills.

    He dismissed claims that Tanzanian notes were susceptible to forgery because of poor quality. "Our notes were printed by a competent company (GND) which also prints Euro notes," he said.

    The governor added that even US dollars and Euros can be forged and that the important thing was to monitor and arrest the culprits. He said the bank has machines to detect fake notes.

    Ten companies tendered for the job, nine of them were qualified for the job and two were awarded the deal.

    The printing of new notes comes a month after four BoT officials were arraigned at Ilala District Court, charged with using documents to mislead their employer and occasioning loss of over 104bn/- to the government in relation to printing notes.

    In the case, the accused are Simon Jengo - Director of Banking, Kisima Mkango, Deputy Director - Currency, Bosco Kimela, Acting Director - Legal Services and Ally Bakari, Director - Banking