Emerging Markets Rates and Currencies Handbook

Tanzania (TZS - Tanzanian Shilling) Citi in Tanzania Citi began operations in Tanzania in 1995 and is the only U.S. owned bank in the country. Citibank Tanzania is part of the Citi East African network that includes Kenya, Uganda, and Zambia. Since opening its first branch in Dar es Salaam, Citi’s local network has increased substantially, making it a highly respected player among local and international financial services providers. Citibank Tanzania has a collection network of 80+ branches through its partner bank, which enables coverage across all major towns in the country. The network is used to provide collection and payment services to corporate customers. Citi Tanzania’s corporate customer base consists of local corporate, public sector, global corporate, multinationals, UN agencies, government ministries, financial institutions, banks, insurance companies and pension funds. Products and Services Citibank Tanzania offers a range of banking services to corporates including treasury, investment services, deposits, cash management, trade finance, and electronic banking. Market Overview TZS is a Managed Float Currency. The Central Bank occasionally intervenes in the interbank foreign exchange market (IFEM) to smoothen out short-term volatility in the exchange rate. Main currency pairs include USDTZS, EURTZS, ZARTZS, GBPTZS, and KESTZS. Corporates are the key non-interbank players in the market. Interest rates are market-determined. The six-month Treasury bills is the main benchmark rates, published on the Bank of Tanzania website. TZS liquidity remains adequate in line with Central Bank’s monetary policy measures designed to ensure adequate 150