Economy, Currency and Foreign Trade
Bank of Tanzania, East African Community, economic alliance, owned banks, currency unit
The currency unit is the Tanzanian shilling, which replaced the East African shilling in 1966 (800.41 Tanzanian shillings equal U.S.$1; 2000 average). In 1967 Tanzania nationalized most banks, amalgamating them into the National Bank of Commerce, although liberalization policies adopted in the early 1990s again allowed the opening of privately owned banks. The bank of issue is the Bank of Tanzania (1966).
In 2000 the imports of Tanzania were valued at $1.5 billion, and exports totaled $663 million. Coffee, cotton, tobacco, cloves, tea, cashews, and sisal made up the bulk of exports. Main imports were petroleum, machinery, transportation equipment, iron and steel and other metals, and food and live animals. Principal trading partners for exports are Germany, Japan, India, the United Kingdom, Rwanda, and The Netherlands; chief partners for imports are the United Kingdom, Kenya, Japan, China, and India. Considerable foreign exchange is also derived from tourists, some 459,000 of whom visited Tanzania in 2000. Most come to see Kilimanjaro and Serengeti National Park. Tanzania was a member of the East African Community, an economic alliance with Uganda and Kenya that collapsed in 1977.
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