How traders in Tanzania are being ripped off in elaborate dollar racket

Dollar pic

Black market foreign exchange transactions are now commonplace in Tanzania, according to businesspeople. PHOTO | FILE

Dar es Salaam. Businesspeople have voiced their concern about what they say is a booming black market caused by the dollar crisis in Tanzania.

The country has been grappling with a shortage of dollars since last year that has largely been attributed to external factors such as the impact of the global Covid-19 pandemic, the war between Russia and Ukraine, the US Federal Reserve’s decision to raise interest rates and climate change.