Dar es Salaam — The local currency has been trading at a steady average rate of between Tsh1,570 and 1,590 per US dollar for the last three months, thanks to the Bank of Tanzania (BoT) monetary policies applied to tame the shilling's volatility.

For example in September, the local currency showed strongest trend recorded in the period under review trading between Tsh1,572 and Tsh1,575 of a US dollar.

In the corresponding period last year, the shilling traded at Tsh1,825 of a US dollar, the highest rate since when the domestic currency was introduced into the market after the Central Bank establishment in the 1960's.

The shillings' free fall has been influenced largely by the global financial crisis that hit the world economy some four years ago.