23 October 2012

Tanzania: Shilling Steady

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.

Copyright © 2012 East African Business Week. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.