TZS is the abbreviation for Tanzanian Shilling. The Tanzanian Shilling is the official currency of Tanzania, a country located in East Africa. It is denoted by the currency code TZS. The Bank of Tanzania is responsible for the issuance and regulation of the Tanzanian Shilling.
As a unit of currency, the Tanzanian Shilling is further subdivided into 100 cents. The current coins in circulation are issued in values of 50, 100, and 200 shillings, while the banknotes come in denominations of 500, 1000, 2000, 5000, and 10,000 shillings.
The Tanzanian Shilling is widely accepted across the country for various transactions, including purchases of goods and services. It serves as a medium of exchange in both urban and rural areas of Tanzania.
The value of the Tanzanian Shilling fluctuates in the foreign exchange market, influenced by various factors such as domestic and international economic conditions, inflation rates, and government policies. Its exchange rate is often compared to other major currencies like the US dollar or Euro.
Overall, the Tanzanian Shilling (TZS) plays a crucial role in facilitating domestic and international trade within Tanzania and represents the monetary system of the country.
