Tanzania: Govt clarifies on counterfeit notes in economy

The government has clarified on Bank of Tanzania (BoT) failure to check the presence of fake notes in the economy, saying the problem does not only exist in Tanzania only, but also in many other parts of the world.

This was said on Tuesday by Finance deputy minister Pereira Ame Silima when responding to queries on the low standards of printing the country’s currency.

Pereira said the rampant forgery of notes in Tanzania is contributed by the rapid advancement in the electronic technology which is capable of copying coloured images.

The deputy minister was responding to a question posed by Christina Lissu (Special Seats, Chadema) who had wanted to know whether the government had taken legal actions against BoT officials for failing to check the fake notes from entering into circulation.

Concerning the existence of old notes that are still in circulation, the deputy minister said: “The notes that are seen in the economy are those in the final circulation.

These notes are not available in the BoT stock.”Pereira further said the government decided to change the notes for security reasons to provide an opportunity to explore the new technology and reduce cost.

SOURCE: THE GUARDIAN