Bank opens forex trading shop in Dar CBD to heed BoT directive

20Jun 2019
The Guardian Reporter
Dar es Salaam
The Guardian
Bank opens forex trading shop in Dar CBD to heed BoT directive

IN a bid to heed Bank of Tanzania directive for commercial banks to invest in foreign currency trading shops to cover the vacuum left by over 80 private bureau de change shops closed earlier this year, Barclays Bank Tanzania has opened one such facility in Dar es Salaam’s central business district.

Bank Tanzania Head of Retail Banking, Oscar Mwamfwagasi (R) shakes hands with Hyatt Regency Dar es Salaam Operations Director, Timothy Mlay during the official opening of the bank’s second forex trading shop in Dar es Salaam this week. Others in the picture from left are: BBT City Mall Branch Manager, Winford Mwang’onda, bank’s Head of Global Markets, Esther Maruma and its Head of Marketing and Corporate Relations, Aron Luhanga. Photo: courtesy of BBT.

 

In remarks to launch the shop in the commercial capital this week, Barclays Tanzania’s Head of Global Markets, Esther Maruma said the shop will help fill the supply deficit created following closure of the bureaus which failed to follow regulations.

Maruma said her bank’s strategy direction is to support cash trading requirements of the public. “We have more than six currencies available for trading immediately,” she noted while stating that investment is part of BBT expansion into the foreign exchange retail proposition.

“The bank is also evaluating other strategic locations, including ports of entry and other regions outside Dar to ensure the network grows even further and deliver forex services closer to consumers,” she added.

The bank’s Head of Retail Banking, Oscar Mwamfwagasi seconded Maruma’s statement by pointing out that as a business strategy, BBT’s management had to review and improve its forex board rate pricing, in order to make services affordable across the clientele base trading in cash, online and through the bank’s footprint.

“The forex trading service, which is an extension of our forex portfolio, gives us opportunity to serve clients beyond the regular working hours,” Mwamfwagasi said. He pledged that Barclays will continue to offer foreign exchange services in accordance with regulations laid down by Bank of Tanzania.

The bureau, which will be open seven days a week covering weekends and holidays, is the second to be opened in Dar es Salaam in Barclays’ ambitious forex services provision having opened one last April.

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