According to a local press, officials in Tanzania, are largely focused on resolving the problem for nearly six months. “All applications have been suspended and new applications won’t be accepted pending the introduction of new rules and regulations”, said Florens Luoga, Governor of the Bank of Tanzania.
But this is not it. Soldiers in Tanzania have blocked access to ‘foreign exchange bureaux’ in an effort to encourage Central Bank representatives to investigate the matter further.
Kenya also imposed ‘appropriate enforcement action’ against anyone involved in carrying out illegal foreign exchange transactions in the country.
Paul Muthaura, chief executive of the Capital Markets Authority (CMA) in Kenya, said: “The Authority will take appropriate enforcement action against any persons or entities illegally conducting online foreign exchange trade or collecting client funds in contravention of these regulatory provisions.”