Shilling appreciates amid modest demand

The shilling extended gains for a third straight day against the US dollar yesterday, thanks to moderate demand from oil importers.

The market, according to National Microfinance Bank (NMB), closed at 1588/1598, a five shillings gain from Wednesday’s.

“Investors were settling their T-bills obligations coupled with a moderate demand for the greenback from oil importers as they settle their tax dues,” the bank said in its e-Market daily reports.

Liquidity stance held slightly tight on Friday while the general trend remains downwards for overnight rates easing from record highs.

On Wednesday, the Bank of Tanzania made a big-stride after accepting 95.5bn/- worth of T-Bill, which was the highest amount since the beginning of this year. The central bank wanted to raise 100bn/- but the market offered 169.3bn/-.
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