XCD to TZS

TZS - Tanzanian Shilling (tzs)

Tanzanian Shilling

The Shilling is the official currency of Tanzania, although the use of US Dollars is widely accepted. The Shilling is subdivided into 100 cents. The Tanzanian Shilling replaced the East African Shilling at par in 1966.

The Tanzanian Shilling is the currency in Tanzania (United Republic of Tanzania, TZ, TZA). The symbol for TZS can be written TSh. The Tanzanian Shilling is divided into 100 cents. The exchange rate for the Tanzanian Shilling was last updated on May 24, 2019 from Yahoo Finance. The TZS conversion factor has 5 significant digits.

Economy

• Tanzania has embarked on a major restructuring of state-owned enterprises. The program has so far divested 335 out of some 425 parastatal entities.
• Overall real economic growth has averaged about 4% a year, much better than in the previous 20 years, but not enough to improve the lives of average Tanzanians. The economy is heavily dependent on aid.
• Tanzania has an external debt of $7.9 billion. The servicing of this debt absorbs about 40% of total government expenditures.
• Tanzania has qualified for debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) initiative. Debts worth over $6 billion were canceled following implementation of the Paris Club 7 Agreement.

History

• In 1966, coins were introduced in denominations of 5, 20, and 50 cents and 1 shilling. The 5-cent coin was struck in bronze, the 20-cent in nickel-brass, and the 50-cent and 1 shilling in cupro-nickel.
• Cupro-nickel 5-shilling coins were introduced in 1972, followed by scalloped, nickel-brass 10-cent coins in 1977. This First Series coins set, in circulation from 1966 to 1984, was designed by Christopher Ironside OBE.
• In 1987, nickel-clad steel replaced cupro-nickel in the 50-cent and 1-shilling coins, and cupro-nickel 5- and 10-shilling coins were introduced; the 5-shilling was octagonal.
• In 1990, nickel-clad-steel 5, 10, and 20 shilling coins were introduced, followed by brass 100-shilling coins in 1994, 50-shilling coins in 1996, and 200- shilling coins in 1998. The coins presently in circulation are the 50, 100, and 200 shillings.

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XCD - East Caribbean Dollar ($)

East Caribbean Dollar

The East Caribbean dollar is the currency used in eight of the nine nations in the Organisation of Eastern Caribbean States — Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Anguilla (UK Territory), and Montserrat (UK Territory). The British Virgin Islands is the only member of the OECS that uses its own currency. The East Caribbean Dollar is designated by EC$ and has been pegged to the US Dollar at US$1 = EC$2.70 since 1976.

The East Caribbean Dollar is the currency in Antigua and Barbuda (AG, ATG), Dominica (DM, DMA), Grenada (GD, GRD), Saint Kitts and Nevis (KN, KNA), Saint Lucia (LC, LCA), and Saint Vincent and the Grenadines (VC, VCT). The symbol for XCD can be written EC$. The East Caribbean Dollar is divided into 100 cents. The exchange rate for the East Caribbean Dollar was last updated on May 24, 2019 from Yahoo Finance. The XCD conversion factor has 2 significant digits.

Economy

• The economies of the OECS member states vary significantly, but most of them rely upon tourism and agriculture to varying extents. Offshore banking also represents a large proportion of the GDP for several of the OECS nations.
• Many of the islands are home to multinational corporations, typically in financial services, who have large offices in a few of the OECS nations to take advantage of low or no taxation.
• As the member states are small island nations, they are heavily reliant upon imports. Exportation is relatively limited, though some of the nations do export agricultural products such as bananas, and cocoa.

History

• Prior to 1965, OECS members were part of the West Indies Federation, using BWI$ as their currency. However many members of the WIF either did not adopt the BWI$. Trinidad and Tobago withdrew from the union in 1964, leading to a lack of support for the BWI$.
• In 1965, the British West Indies Dollar was replaced at par by the East Caribbean Dollar.
• In 1966, British Guiana withdrew from the currency union, and in 1972, Barbados also withdrew from the currency union.
• Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with notes and coins from 1965 from 1981.
• The Eastern Caribbean Central Bank, based in Basseterre, Saint Kitts and Nevis was created by the Eastern Caribbean Central Bank Agreement signed in Port of Spain on July 5, 1983.

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