East Africa: EAC Currencies End 2017 Weaker

THE Tanzanian currency has ended the year firmly while the rest of the East African units lost ground against the US dollar.


Tanzanian shilling managed to maintain its current levels against the greenback over the last few days on the back of balance flows. The commercial banks quoted the pair traded within the range of 2,225/- and 2,250/-.CRDB Bank said the dollar demand was being met by equal inflows into the market due to low business activities during the festive season as most players and businesses break for Christmas and New Year holidays. "We might see a slight increase of dollar inflows in excess of demand from companies making last minute tax payment to the revenue authorities," CRDB said.


Kenyan shilling was seen weakening against the dollar at the last trading day of last year due to increased end month demand, traders said. The traders added that they expected markets to resume with a weaker shilling after the New Year. The commercial banks quoted the shilling at 103.30/50 per dollar, compared with 103.10/30 at Thursday's close.


The Ugandan shilling was weaker on last Friday amid strong demand by commercial banks seeking to build comfortable dollar positions as they prepared to close the year. Commercial banks quoted the shilling at 3,633/3,643, weaker than Thursday's close of 3,625/3,635.


The Rwandese franc, according to National Bank of Rwanda, has almost stagnated at 852.00 rage in the last seven.


The franc still continues with its slowly depreciation trend after closing yester-trading down to 1780.12 last Friday compared to 1779.57 of last Monday against greenback-- Bank of Republic of Burundi data showed.

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