Old bank notes issued in Tanzania will lose their legal tender status in that African nation in April 2025. The Bank of Tanzania has called for all banks and financial institutions to accept these notes for deposit and exchange for a three-month period beginning Jan. 6, 2025.

The notes affected are the shilling notes issued from 1985 to 2003 in denominations that include 20, 200, 500, 1,000, 2,000, 5,000 and 10,000 shillings. Additionally, the government mandate also includes the 500-shilling note issued in 2010.

“The bank of Tanzania hereby instructs all bank and financial institutions to accept deposit and facilitate over the counter exchange of called in notes from public and make the payment of face value thereof,” states Bank of Tanzania governor Emmanuel Tutuba in a letter. “The exercise shall only be undertaken at head offices and branches of banks and financial institutions across the country and in any case shall not be facilitated through other points of financial services such as agents and or ‘wakala.’ ”

Prior to the commencement of the exercise in January, the Bank of Tanzania will train personnel from banks and financial institutions, to ensure that only genuine old bank notes are honored during deposit or exchange of these called-in bank notes.

According to the bank’s website, “The Bank is mandated under the Bank of Tanzania Act, 2006 to have the sole right to issue banknotes and coins in and for Tanzania, which shall be the only legal tender in Tanzania. The Bank is therefore responsible for designing and procuring banknotes and coins to meet the currency needs.”

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