Tanzania will for the first time allow residents of East African and Southern African trade blocs to invest in its Treasury bonds and bills, the central bank said on Wednesday.
The Bank of Tanzania said a new law regulating foreign exchange had been gazetted in May, replacing two previous ones that had restrictions on the sale of government securities to foreign investors.
BOT wishes to notify the general public that new Foreign Exchange Regulations, 2022 have been issued under the Foreign Exchange Act, Cap. 271, through Government Notice No. 294 of 2022, published in the Government Gazette on 13th May 2022.” the regulator said in a statement.
The Regulations, among others, permit residents of the East African Community and Southern African Development Community, referred to in the Regulations as prescribed territory, to invest in Treasury bills and bonds. The Regulations also permit a person resident in Tanzania to invest in the prescribed territory.
Therefore, the Foreign Exchange Regulations, 2022 revoke the Foreign Exchange Regulations, 1998 and the Foreign Exchange (Listed Securities) Regulations, 2003.