Tanzanian Shilling

Overview

Economy

• Tanzania is a member of AU, EAC, SADC, Commonwealth, OIC.
• Main industries include: Agricultural processing, Mining, Oil refining, Shoes, Cement, Textiles, Wood products, Fertilizer, Salt.
• Tanzania is part of the World Trade Organization.
• Imports are consumer goods, machinery, transportation equipment, industrial raw materials, crude oil.
• Major exports include gold, coffee, cashew nuts, manufactures, cotton.
• GDP: $75.7 billion (2023 est.).
• GDP per capita: $1,192 (2023 est.).
• Unemployment rate: 2.6% (2014 est.).
• Inflation rate: 3.3% (2023 est.).
• Main trading partners: India, China, South Africa, Kenya, United Arab Emirates, Germany.
• Trade agreements: EAC Common Market, SADC Trade Protocol, Various bilateral agreements.

History

• Previous currencies used: East African shilling, German East African rupie, Indian rupee.
• The Tanzanian shilling was introduced in 1966, replacing the East African shilling after Tanzania left the East African Currency Board.
• 1966: TZS introduced, replacing East African shilling
• 1967: Arusha Declaration and socialism policy
• 1986: Economic liberalization begins
• 1993: Foreign exchange liberalization
• 2020: New banknote series introduced
• Exchange rate peg: Free floating.

General Information

• ISO 4217 Code: TZS
• Symbols: TZS/Sh
• Currency Subunits: 100 senti
• Central Bank: Bank of Tanzania
• Monetary Policy: Flexible exchange rate with inflation targeting framework. Focus on price stability while supporting economic growth and development.
• Bills: 500 TZS, 1000 TZS, 2000 TZS, 5000 TZS, 10000 TZS
• Coins: 50 senti, 100 shillings, 200 shillings, 500 shillings
• USD Exchange Rate: Variable (approximately 2500-2600 TZS per USD)
• Pegged To: None (Floating)
• Capital: Dodoma (legislative), Dar es Salaam (commercial)
• Population: 63,588,334 (2023 est.)
• Area: 947,300 km²
• Languages: Kiswahili (official), English (official), Arabic, Local languages
• Time Zones: UTC+3 (East Africa Time)
• Government Type: Presidential republic
• Head of Government: President (head of state and government)
• Independence: April 26, 1964 (Tanganyika and Zanzibar merged)
• Ethnic Groups: African 99%, Other 1%
• Religions: Christian 61.4%, Muslim 35.2%, Folk religion 1.8%, Other 0.2%, Unaffiliated 1.4%
• Literacy Rate: 77.9% (2015 est.)
• Transport: Julius Nyerere International Airport, road networks, railway system, Indian Ocean ports
• Communications: Expanding telecommunications, 32% internet penetration, growing mobile coverage
• Energy: Hydroelectric 36%, Natural gas 31%, Petroleum 18%, Coal 9%, Renewables 6%
• Countries Using This Currency: Tanzania
• Data Sources: Central Bank: Bank of Tanzania (bot.go.tz), Economic Data: National Bureau of Statistics Tanzania, World Bank, IMF, Trade Data: Tanzania Revenue Authority, Demographic Data: National Bureau of Statistics Tanzania, Geographic Data: Tanzania Meteorological Authority, Historical Data: Bank of Tanzania archives
• Last Updated: 2025