Tanzania is a country in East Africa known for its expansive wilderness areas. The official currency of the United Republic of Tanzania is the Tanzanian Shilling (TZS). The currency is issued and managed by the Central Bank of Tanzania and the Benki Kuu Ya Tanzania in Swahili. The Tanzanian shilling is composed of 100 senti (Swahili for cents). When written, it shows as x/y with the x as the amount of shillings, and y as the amount of senti. The currency is free-floating and not pegged to any other monetary unit.
The Tanzania shilling has been in use since 1966 after replacing the East African shilling at par, or at the ratio of 1:1. Originally, the Tanzanian shilling was circulated in denominations of 5, 20 and 50 senti, along with the 1 shilling. The the half-shilling and one-shilling coins are cupro-nickel, the 20-senti is nickel-brass, and the 5-senti coin is bronze. The Tanzanian shilling currently circulates in both coin and banknote form. The banknotes currently in circulation are in denominations of 500, 1000, 2000, 5000, and 10,000 shilingi while the coins have denominations of 50, 100, 200, and 500 shilingi. The current series of coins are all constructed from brass, except for the nickel-plated steel 500 shilling.
The modern nation of Tanzania comprises two distinct areas that united in 1961 to 1962 to establish the United Republic of Tanzania. The country has started a major restructuring of state-owned enterprises. The program has so far stripped 335 out of the 425 parastatal entities. Additionally, the overall real economic growth of Tanzania has averaged around 4% a year, much better than in the previous two decades, but not enough to change the lives of average Tanzanians. As a result, the economy is heavily reliant on aid.
The external debt of the country is $7.9 billion. The servicing of this debt utilizes approximately 40% of total government expenditures. Tanzania has qualified for debt assistance following the enhanced Heavily Indebted Poor Countries (HIPC) initiative. Debts worth over $6 billion were dropped after the implementation of the Paris Club 7 Agreement. Tanzania has a thriving urban population, according to World Bank data. However, rural areas still grapple with hunger. The country had gross domestic product (GDP) growth of a 6.8% and experiences a 3.5% annual inflation rate in 2019, the most current year of ready data.