The Bank of Tanzania (BoT) is conducting training on the identification of security features on our banknotes for representatives of various financial institutions in the country. The objective of this initiative is to enable these stakeholders to effectively detect counterfeit banknotes.

Speaking at the training, which will be held at the BoT branch in Arusha from August 28 to September 1, 2023, Mr. Ilulu Ilulu, the Manager of the BoT's Currency Operations Department, stressed the importance of complying with the conditions set by the Central Bank for the exchange of worn-out banknotes.

Mr. Ilulu stressed that commercial banks should pay close attention to the prescribed 75% fitness standard for banknotes in order to facilitate the exchange of worn or torn banknotes.

Training participants were also urged to educate the public on the proper handling of banknotes and coins. This education is critical to prolonging the usability of money and reducing the government's expenditure on printing new banknotes and coins to replace worn-out banknotes.