Call For Interview at Bank Of Tanzania BOT 2021
The history of monetary arrangements in Tanzania prior to the establishment of the Bank of Tanzania is divided into two parts, namely, the period before the establishment of the East African Currency Board (EACB) in December 1919; and the period until the opening of the doors of the Bank of Tanzania in June 1966.
Call For Interview at Bank Of Tanzania BOT
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Monetary arrangements in Tanzania prior to l919 were different in Tanganyika from those in Zanzibar. This was because the former was under German rule, whereas the latter had its own government. The currency on the Mainland was the German Rupee, made of silver, while the subsidiary coin was the Heller, which was 1/100 of the Rupee. In Zanzibar, the Indian Silver Rupee and its subsidiary coins were in circulation. In addition, shells and cattle used to serve as a store of value, and, to a certain extent, even as a medium of exchange.
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