Old Tz bank notes to work till June 2012 | JamiiForums | The Home of Great Thinkers

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Old Tz bank notes to work till June 2012

Discussion in 'Habari na Hoja mchanganyiko' started by Kachanchabuseta, Aug 18, 2011.

  1. Kachanchabuseta

    Kachanchabuseta JF-Expert Member

    Aug 18, 2011
    Joined: Mar 8, 2010
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    DAR ES ES SALAAM, TANZANIA - The Bank of Tanzania (BoT) will allow old bank notes to circulate alongside the new ones that were released in January this year, until June 2012 when they will cease to be legal tender.
    The BoT released new bank notes in January 2011 but allowed the public to continue using the old notes. The new notes come in denominations of Tshs 500, 1,000, 2,000, 5,000 and 10,000.
    BoT Governor Prof Benno Ndulu said in Dar es Salaam last week that the change duration could be shortened depending on the trend of phase out of the old currency notes.
    "The timeframe is calculated using the notes circulation period, which is about seven months," cautioning though that "the period might be reduced to one year depending on the disappearance of old bills," Prof Ndulu said.

    SOURCE:East African Business Week

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