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Thursday

Tanzanian shilling stabilizes

The Bank of Tanzania (BoT) has said their strategy to stabilize the shilling against major currencies paid off.

The shilling at the moment wobbling between 2,180/- and 2,200/- against the US dollars quoted by commercial banks which was still good for exporting business.

BoT Governor Prof Benno Ndulu said the shilling was stable since the beginning of this year, a good trend for import and export traders. 
“You can see now the shilling is stable,” Prof Ndulu told ‘Daily News’ recently.
He added: 
“the level is good as it support exports business… if it goes down (to say 1,500/) will hurt exports.” 
The current level between shilling and dollar favours’ exports since the country goods and services are sold at discount as few dollars get many shillings.

The BoT data show that the shilling has depreciated by 1.35 per in the last six and half months to 2,179/72 as of yesterday. CRDB bank said yesterday that the shilling continued to gain against the greenback closing at 2181/91.
“We expect the shilling to remain strong following an increase in the demand for the local currency as corporates meet month end obligations,” the bank said on it daily market report.
Another bank, NMB, said the shilling gained slightly on Tuesday against the dollar amidst moderate demand from SMEs and other importers. 
“Market has experienced good support from agriculture inflows, liquidity tightness and less demand from the larger importers,” 
NMB said.

Since the beginning of this month the shilling enjoyed good days’ trend after appreciating against British pound and somewhat maintaining levels with the US dollar.

The local currency, appreciated against pound sterling some 70/- to 2,878/34 in the last three weeks. It also maintained its levels against the greenback after slightly dropping by almost 30 cents to 2,190/19 per one dollar.

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