5 December 2017

Tanzania: Shilling Strengthens Further Against Greenback

Dar es Salaam — The shilling has maintained its strength against the dollar, sending good news to importers. Reports by financial markets indicate that the local currency opened the week strongly.

However, this is a hard moment for exporters as they are fetching less amount than what they were earning a month ago. The Citizen reviews from different local and international forex markets have shown that the shilling gained ground against the dollar, reaching the lowest level in three months last week.

The international foreign exchange market shows that the dollar was exchanged at a mean rate of Sh2,252 in early November, higher than Sh2,237 recorded on Saturday. The Bank of Tanzania quoted dollar buying and selling rates at Sh2221/2244 yesterday respectively, lower than Sh2225/2247 recorded a month ago.

Bureaux de change quoted the dollar at average rates of Sh2,243 and Sh2,255 for buying and selling respectively yesterday, which were lower than 2,245/2,260 recorded in late October this year.

The KCB Bank Tanzania Treasury newsflash released yesterday showed that the shilling opened the new month of December from where it left off last November.

It showed that the commercial banks now quoting the shilling at Sh2240/2247 per dollar, but tipping that the local currency will experience further strengthening towards the year end. The interbank foreign exchange summaries shows that the overnight average rates was Sh2,244 during the end of last month, lower than Sh2248 recorded during the end of October this year.

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