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Tanzania and India prepare to eliminate U.S. dollar from their bilateral trade

Section: Daily Dispatches

By Chinedu Okafor
Business Insider Africa
Lagos, Nigeria
Sunday, March 19, 2023

Tanzania and India have reached an agreement that will make the U.S. dollar no longer required for trade between the two nations.

Tanzania and India are able to conduct business using their respective currencies, the Tanzanian shilling and the Indian rupee, thanks to a bilateral trade settlement agreement.

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According to data from the Indian High Commission in Dar es Salaam, the value of trade between the two countries was $4.5 billion (roughly Sh 10.4 trillion) in the year ending March 2022. India is one of Tanzania's largest trading partners.

According to Binaya Pradhan, the Indian high commissioner to Tanzania, between April 2021 and March 2022 India's exports to Tanzania totaled $2.3 billion (or about Sh 5.3 trillion), while its imports from the East African country were estimated to be $2.2 billion (about Sh 5.1 trillion).

He claimed that Tanzanian businesses and banks have the chance to fully utilize the new framework to enable seamless payment in local currencies. ...

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