Tanzanian Shilling (TZS)

Tanzanian Shilling (TZS) Basic Concepts

The Tanzanian Shilling is the official currency of the United Republic of Tanzania with the code TZS and symbol TSh. It is issued and managed by the Bank of Tanzania for daily transactions and savings and is one of the important currencies in circulation in the East African region.

Countries where the Tanzanian Shilling is used

The Tanzanian Shilling is mainly used in the United Republic of Tanzania, including the mainland region and the Zanzibar Islands. As legal tender, it is widely circulated in both urban and rural areas and is used for commerce, tourism and government financial activities.

Tanzanian Shilling Units and Denominations

The Tanzanian shilling is denominated in shillings, with the secondary currency being cents (1 shilling = 100 cents). Common banknotes are in denominations of 500, 1,000, 2,000, 5,000, and 10,000 shillings, while coins are in denominations of 50, 100, 200, and 500 shillings, with secondary coins being less commonly used.

Historical Background of the Tanzanian Shilling

The Tanzanian Shilling replaced the East African Shilling as the national currency of Tanzania after independence in 1966 to promote economic autonomy. It was initially pegged to the British Pound Sterling, but later underwent a reform of the floating exchange rate system. The design of the currency often reflects the country's culture, wildlife and leaders, and has supported Tanzania's economic development and financial stability.