The New The Tanzanian shilling, denoted by TZS, is the official currency of Tanzania. The currency, which is divided into 100 cents, is also complemented by widespread use of the United States Dollar.
Sovereign Ratings for Tanzania
Tanzania is not rated
What does it look like?
Political Structure
The government type of Tanzania is a republic. The governmental system consists of three branches, namely the executive, legislative and judicial.
In the executive branch the president acts as both chief of state and head of government, and is elected by popular vote for five-year terms. The cabinet ministers, including the prime minister, are appointed by the president from among the members of the National Assembly.
The legislative branch is a unicameral National Assembly or Bunge consisting of 274 seats serving five-year terms. Zanzibar, however, has its own House of Representatives to make laws especially for Zanzibar. The Zanzibar House of Representatives has 50 seats.
The judicial branch is made up of the Court of Appeal and the High Court. Judges are appointed by the president.
Prominent Figures
President: Benjamin William Mkapa
Vice President: Dr. Mohamed Ali Sheni
Prime Minister: Frederick Sumaye
Governor, Central Bank: Daudi Ballali
Key Economic Factors
Economic Overview: Tanzania ranks among the poorest countries in the world. The struggling economy has found heavy dependence on agriculture, accounting for almost half of GDP, 85% of exports and 80% of the work force. Climatic conditions and Tanzania's topography severely limit cultivated crops to only 4% of the land area. Traditionally, industry featured the processing of agricultural products and light consumer goods. Tanzania has been provided with funds aiding in the rehabilitation of their out-of-date economic infrastructure and to alleviate poverty. Continued donor assistance and solid macroeconomic policies have supported real GDP growth during the past couple of years.
Industries: Agricultural processing (sugar, beer, cigarettes, sisal twine), diamond, gold and iron mining, soda ash, oil refining, shoes, cement, apparel, wood products, fertilizer, and salt.
Import Commodities: Consumer goods, machinery and transportation equipment, industrial raw materials and crude oil.
Export Commodities: Gold, coffee, cashew nuts, manufactures and cotton.
Major Trading Partners: India, Netherlands, Japan, South Africa and China.
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