Bank of Tanzania

The Bank of Tanzania was established under the Bank of Tanzania Act of 1965 and began operations on June 14, 1966, taking over central banking functions after the dissolution of the East African Currency Board that had previously issued currency across the region. It is responsible for issuing the Tanzanian shilling, and under a 1995 revision of its founding act that narrowed a previously broad mandate, its primary objective became maintaining price stability. Wholly state owned, it is governed by a ten member board chaired by the governor and assisted by three deputy governors, and it maintains its head office administration in Dodoma alongside a major operational presence in the financial center of Dar es Salaam.