The Bank of Tanzania (BOT) was established in 1966 by the BOT Act of 1965.  The Act provided for the establishment, constitution and functions of BOT as a central bank to take over the functions and operations of the then East African Currency Board (EACB) founded in 1919 to manage currency supply and exchange in the then British colonies of East Africa and neighboring countries. However, the BOT Act of 1965 was repealed in 1995 and was replaced with the BOT Act of 1995. The BOT Act of 1995 was a landmark in Tanzania’s monetary history by adopting a single policy objective, i.e. price stability and moving away from multiple-policy objectives. The new BOT Act 2006 was enacted in 2006 when the BOT Act of 1995 was repealed.