Tanzania is planning to introduce new banknotes in February

In February, Tanzania will introduce new banknotes as part of continuing currency changes that also include the 2010 TZS 500 shilling note and the ongoing removal of shilling notes issued from 1985 to 2003.

Issued between 1985 and 2003, the TZS 20, 200, 500, 1000, 2000, 5000, and 10,000 notes will all be impacted by the withdrawal order.

The Bank of Tanzania (BoT) directed the nation’s financial institutions to make it easier for people to switch from the old notes to the new ones in October.

Emanuel Tutuba, the governor of the Bank of Tanzania, said this week that new notes in the denominations of TZS 1000, 2000, 5000, and 10,000 will go into circulation on February 1.

The recalled note exchange is scheduled to conclude on April 5, 2025, having begun on January 6, 2025.

The redesigned signatures of the BoT governor and the minister of finance, which replace those of previous office holders, are the only changes made to the new notes, which are based on the 2010 series.

In addition to updating security measures, Kenya’s central bank recently revamped the nation’s banknotes to incorporate signatures from Treasury Principal Secretary Chris Kiptoo and CBK Governor Kamau Thugge.

In an attempt to stabilize the economy while a protracted civil war raged, the government of Sudan produced new notes for the 500 and 1000 denominations.

The move’s primary objective was to demonetize the old notes, a strategy designed to render the currency that had been looted during the continuing fighting useless.

Because the measures include mandated bank accounts and withdrawal quotas, they have drawn criticism. The new banknotes’ macroeconomic consequences have been curbed by this and a prohibition on their use by the paramilitary organization RSF in regions under its control.