Tanzania’s Banks to Close on Tuesday

In what is said to be an unprecedented move, all banks across Tanzania will not be open for business on Tuesday following a declaration by the Bank of Tanzania (BoT) that July 1 is a banking holiday, APA learned on Monday.

The central bank said that with effect from Tuesday, all banks will remain closed every first day of July each year.

Banks Deputy Governor for Administration, Juma Reli, told APA that banks would close to review respective financial records since their calendar year ended Monday.

He said, “Just like many countries are doing the world over, our banks will close to find out if they are making profits or losses.”

However, the move is likely to catch many customers unaware since most banks had apparently not alerted their clients of the requirement by the end of business on Monday.

Source African Press Agency

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