The dollar is no longer relevant in trade between India and Tanzania

Tanzania and India have agreed that the US dollar will no longer be required for trade between the two countries. A bilateral trade settlement agreement allows Tanzania and India to conduct business using their respective currencies, the Tanzanian shilling and the Indian rupee. Tanzanian businesses and banks, he claims, will be able to fully utilize the new framework to enable seamless payment in local currencies. According to Binaya Pradhan, the Indian High Commissioner to Tanzania claimed that Tanzanian businesses and banks have the chance to fully utilize the new framework to enable seamless payment in local currencies. Mr. Pradhan went on to say that this is expected to boost bilateral trade while also helping to conserve foreign exchange. "Our trade has enormous growth potential. "This year, we expect our trade volume to exceed $6 billion (Sh13.8 trillion)," he said.