Bank of Tanzania will start re-licensing forex bureaus by the end of May after having suspended the exercise for the last 9 months due to money laundering concerns.
Under the new licensing rules, the minimum capital thresholds was raised to Sh300 million from Sh100 million for Class A (bureau de change) and to Sh1 billion from Sh250 million for Class B.
As of December 2016, there were 297 Bureau de Change and nine branches, hence making the total of 306 outlets countrywide.
The Central bank had tightened rules governing the ownership and operation of forex bureau to curb capital flight and money laundering by raising the minimum capital requirements for bureau de change.
It also suspended licensing of new bureau de change and required those which were in operation until last year to apply for new licenses.
