Daily Archives: June 28, 2019

Tanzania Tightens Foreign Currency Exchange Controls Through New Regulations

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Before starting your vacation to another part of the world, make sure to exchange your dollars for the best conversion rate and cheapest fees. While it is true that there are ATM’s in most tourist destinations, you will gain better rates from Knightsbridge FX because it is guaranteed to beat the rates of competitors including banks.

There are countries with restrictions on its currency because of political and economic conditions and banks may not be able to access the currency. One example is Tanzania that has tightened currency controls through new regulations on foreign exchange bureaus. According to authorities, this is part of their ongoing battle against money laundering and currency speculation.

Months before, the government has revoked the licenses of foreign exchange bureaus and temporarily shut down a newspaper for publishing unofficial data on exchange rates. According to President John Magufuli, the central bank has previously licensed too many bureaus and some of them have broken the laws.

Since the start of the year, the Tanzanian shilling has been broadly stable. In April, the International Monetary Fund (IMF) said that the true value of the currency is broadly in line with fundamentals. However, IMF has warned of serious weaknesses in official data. There are indications of a slower pace of economic activity contrary to what is being reported by the government.

When the foreign exchange bureaus were closed in February, the bulk of foreign currency trading was handled by commercial banks. About $10 million are traded daily in the commercial banks because of the reduced number of Forex bureaus. This led to more transparency in the market and improved the inflow of hard currency.

With new regulations, it will be more difficult for foreign exchange bureaus to operate. Most of the transactions will shift to commercial banks. Minimum capital for Forex bureaus was also raised to 1 billion Tanzanian shillings.

Many customers continue to use the services of Knightsbridge FX because of the consistent currency rates that beat banks. There are also services like free same day transfers and professional proactive service. Best rates are guaranteed with more personal attention to ensure 100% satisfaction.

Will Woodstock 50 Overcome The Setbacks And Hurdles?

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Ask anyone in the events management industry and they will tell you that the event venue in Gymea is as important as the event itself. If the location is not great, invited individuals will not be interested to attend the event. The closer the venue is to local transport links, the more guests you can expect because it is easier for them to get there.

Organizers of Woodstock 50 promises that the event will still take place even if it has lost the venue and producer. The event is supposed to celebrate the 50th anniversary of the 1969 iconic event and was scheduled to take place from August 16 to 18 at Watkins Glen International, a racetrack in New York. Watkins Gen International confirmed that it will no longer host Woodstock.

Less than an hour after WGI made the announcement, CID Entertainment, the festival producer also made an announcement that it will no longer be involved in Woodstock 50 in any capacity. CID Entertainment was supposed to provide enhanced camping, travel packages and transportation to the venue.

In spite of the series of setbacks and complications, Gregory Peck, Woodstock 50 LLC principal announced that the event will push through because they are in discussions with another event venue. The new location will be shared once tickets go on sale in the coming weeks. Woodstock 50 has also found new investors to replace Dentsu Aegis Network, the former financial backer.

There are also reports of insufficient permits that is why Woodstock 50 cannot sell tickets. Organizers of the event are still hoping that they can overcome the hurdles.

A lineupof entertainers was announced by Woodstock and it will include Jay-Z, The Killers, Chance the Rapper, Miley Cyrus, the Raconteurs and many others. Black Keys pulled out because of conflict with their schedule.

There are a lot of factors that need to be taken into account when choosing an event venue in Gymea and this includes their facilities, food and drinks, technology and many more. The venue offers chauffer services within a 5-km radius of Gymea, Caringbah and Helensburg. You can simply call and arrange for the service to pick up at your doorstep.