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TanzaniaA Political Economy$

Andrew Coulson

Print publication date: 2013

Print ISBN-13: 9780199679966

Published to Oxford Scholarship Online: September 2013

DOI: 10.1093/acprof:oso/9780199679966.001.0001

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(p.xviii) A Note on Currency

(p.xviii) A Note on Currency

Source:
Tanzania
Publisher:
Oxford University Press

Tanzanian currency is based on the shilling. In 2012 one US dollar exchanged for around 1,600 shillings, one UK pound for around 2,500 shillings. At the end of 1980, one US dollar was worth around eight shillings and a UK pound around nineteen shillings. The decline in the value of the shilling to only a hundredth of its previous worth in dollars was a consequence of the high rates of inflation in those thirty years.

During the British period and up to 1967, twenty shillings (or one East African pound) exchanged for one UK pound. From 1905 to 1914, one German mark was equivalent to one shilling in Kenya or Uganda, and twenty shillings equalled one British pound. Before 1905, the Germans used rupees, Indian currency which was also in use in Zanzibar. The value of rupees in terms of marks fluctuated, until it was fixed in 1905, when three rupees were exchanged for four marks.