Tanzania suspends conversion of Kenyan shilling after introduction of new notes
The Bank of Tanzania has suspended conversion of Kenyan money to Tanzanian currency.
In a statement dated Friday, June 7, the regulator said it was advised to freeze the exercise by CBK in a move to tame illicit cash flows.
This emerges one week after CBK launched new currency where it also announced it will demonitise the old KSh 1,000 bank notes.
This therefore means those wishing to convert Kenyan money to Tanzanian tender can do it in Kenya.
Tanzanian lenders have in this light been directed be keen of any transaction to or from Kenya to help net fraudsters.