The shilling continued to appreciate
since the beginning of this week against the US dollar after flattening
in the previous week, thanks to the end of month inflows.
The CRDB Bank Treasury’s report on
Financial Highlights said, “the shilling continued to appreciate against
the US dollar on Tuesday as there was end of month inflows”.
While the
National microfinance Bank (NMB) said the local currency continued to
trim down earlier losses against the greenback on the back of reduced
corporate demand and month end inflows.
“As we approach month end, we expect a
similar trend tomorrow (today) but any significant demand would reverse
the shilling gains,” NMB said in its e-newsletter.
Standard Chartered
Bank said the shilling recovered some of the losses on Wednesday on the
back of declining dollar demand and increased local currency need for
salaries and taxation payment during this month-end period.
“We expect the shilling to further
strengthen today with medium price volatility in the market,” the bank
said on its Daily Market report.
On other hand, the Bank of Tanzania
(BoT) said for the past 14 months the exchange rate of the shilling
against dollar remained stable in comparison with the depreciation for
the previous year and in comparison with many currencies including those
of our major trading partners.
“The annual (12 months) depreciation of
the shilling against the US dollar at the end of last month was only 1
per cent,” the BoT Governor, Prof Benno Ndulu, told the ‘Daily News’
recently.
The shilling depreciated by merely 1 per cent in the 12 months
ending last month, the Kenyan shilling sank by 4.6 per cent and the
Ugandan shilling by 11.7 per cent.
Source: The Daily News, www.thedailynews.co.tz, reported by Abduel Elinaza in Dar es Salaam
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