Trade between India and Tanzania is done in Shillings and Rupees

President Samia Suluhu Hassan of Tanzania and the Prime Minister of India, Narendra Modi, have agreed to increase the use of local currency instead of foreign currency in trade between Tanzania and India.

The move will significantly reduce the use of US dollars in those countries because currently (according to India's 2022/23 statistics) the value of trade between India and Tanzania has reached 6.7 billion dollars (more than 14 trillion shillings) - a significant increase from the dollar 3.2 billion in 2021/22 (Tanzanian statistics).

Speaking at a joint press conference after their private conversation, Prime Minister Modi said the aim of the move is to increase trade and reduce costs.