Shilling gains ground against US dollar

The shilling gained some ground against the US dollar yesterday on the back of slowed demand in the interbank market.

The shilling on Monday traded at 1590/18 compared to 1595/13s of yesterday against the US dollar, according to the Bank of Tanzania (BoT) data.

“As long as the Central Bank remains in the market selling dollars we expect the current low rates to continue in the short term,” Standard Chartered Bank said in the daily report.

It adds: “Low to moderate level of volatility should be expected (today)”.

The shilling since January refused to trade over 1,609/- at commercial banks.
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