The Citizen (Dar es Salaam)
Hassan Mghenyi
7 July 2009
The Tanzania shilling has continued to depreciate as importers are still hungry for dollars and other major currencies whose inflows are relatively less than what the market demands.
The shilling continued to weaken against the euro, the sterling, the dollar, the rand and the Kenya shilling.
The Citizen weekly review shows that the shilling weakened both at bureau de change and in commercial banks last week compared with the preceding week.
At bureaux, the shilling fell against the dollar, exchanging at an average of Sh1,322.07 a dollar last week, down from Sh1,321.45 a week earlier.
The local currency weakened to the pound, exchanging at an average of Sh2,157.71 a pound last week compared with Sh2,154.7 the preceding week.
The shilling lost versus the euro, exchanging at an average of Sh1,845.45 a euro last week from Sh1,843.1 last week.
The South Africa rand appreciated against the domestic currency, exchanging at an average of Sh158.4 a rand from Sh156.56.
The Kenya shilling gained to the local unit, exchanging at an average of Sh17 a Ksh last week compared with Sh16.94 a week earlier, bureaux data indicated.
In commercial banks, the domestic currency lost its value versus the dollar, exchanging at an average of Sh1,310.57 a dollar last week down from Sh1,309.7 the preceding week.
The pound gained over the domestic currency, exchanging at an average of Sh2,168.28 a pound last week compared with Sh2,161.73 the previous week. The shilling depreciated to the euro, exchanging at an average of Sh1,852.19 a euro last week, from Sh1,838.22 the previous week.
The rand gained against the shilling, exchanging at an average of 168.5 a rand last week compared with Sh160.97 a week earlier.
The local unit depreciated over the Kenya currency, exchanging at an average of Sh17.11 a Ksh from Sh16.86 in commercial banks.
Meanwhile, the Tanzania Revenue Authority has lifted its quotations for importers and lowered for exporters of goods this week.
Importers using the US dollar will this week be charged Sh1,321.69 a dollar from Sh1,289.8 last week, while exporters will be charged Sh1,295.25 a dollar from Sh1,316.13 over the period.
Imports from European Union markets will this week be charged Sh1,865.43 a euro from Sh1,810.88 last week, while exports to the same markets will be charged Sh1,827.47 a euro from Sh1,848.24.
Imports from UK sources will this week be charged Sh2,175.5 a pound from Sh2,119.02 last week, with UK-bound exports charged Sh2,131.34 a pound from Sh2,162.92 over the period.
Imports from South Africa will this week be charged Sh168.15 a rand from Sh161.22 last week while exports to those markets will be charged Sh166.91 a rand, up from Sh164.1 earlier.
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