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| Standard Chartered Bank HQ in Dar |
The
Bank of Tanzania yesterday lowered all Treasury-Bill rates but the move could
not altar bidders’ appetite to tender the government’s short-term instrument.
The
results showed that the market tendered 440.32bn/- against 100bn/- that was on
offer.
Standard
Chartered Bank said yesterday: “all yields moved downwards.”
The
biggest move was decreasing by 294 basic points (bps) and 314bps registered on
the 35 and 364 days paper respectively.
The
bank said that the results serve to show the Bank of Tanzania (BoT) or rather
government demand for shillings is getting lower to inevitable increasing
market liquidity.
And
should the trend continues, StanChart said …it”will put downward pressure on
the curve especially should the T bill auction size be maintained at 100bn/-.”
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| BoT Twin Tower HQ in Dar |
On
average, the 364 bill yield rate dipped to 15.30 per cent from 18.44 per cent
of the previous market, and 182 bill rate dropped to 16.21 per cent from 17.70
per cent.
The
35 bill and 91 bill yield rate went down slightly from 10.67 per cent and 13.67
per cent to 7.73 per cent and 13.18 per cent respectively.
Since
the beginning of the year the market has seen improved performances on trading
of government securities compared to the preceding period when the T-Bills
performed poorly.
In
the previous T-bill bidders offered a total of 169bn/- against the 100bn/-
floated, but the central bank accepted only 95.5bn/- as successful bids. Late
last December the auction attracted only 71bn/- for 100bn/- T-bill.
Meanwhile,
the Tanzanian shilling gained slight ground to 1,603/-against the greenback
yesterday on the back of some inflows in the interbank and corporate markets.
Sources: tzexchange.blogspot.com
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