The mixed feelings that have greeted the closure of some bureau de change were expected. But after all is said and done, the general consensus is that positive regulatory reform is a critical component of economic growth – and this applies to all sectors. Nearly 100 outlets have reportedly closed shop after failing to meet the new Bank of Tanzania (BoT) requirements – among which is the Sh300 million and Sh1 billion minimum capital threshold for Class-A and Class-B bureau de change, respectively. There are several other stricter conditions that the central bank set last June in its revised rules for the operation of forex bureaus in the country, including the outlawing of directorship, shareholding, managing and or employment of one person in multiple bureau de change businesses.
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