Shilling remains stable against US dollar

The shilling has remained stable against the US dollar while gaining against the British Pound, but lost to the Kenyan shilling in the week ended last Friday, market data shows.

The shilling, according to Tanzania Securities data, maintained its path after stuck at 1,623/- for the dollar last week. On other hand, the shilling slightly gained against Great Britain Pound to 2,455/20 from 2,463/10 of previous week. 

However, despite the uncertainty across the border as presidential elections results were delayed, the shilling lost ground against Kenya shilling to 18/88 from 18/82.

The Head of Tanzania Securities Research and Bonds Trading, Ms Upendo Lyatuu, said last week, “the shilling remained flat against the dollar while it gained against the pound.” The commercial banks also had the shilling in the course of the week remained unchanged position from Thursday close in a quiet trading session ahead of the weekend.

“The market closed at 1,616/1,634 with low dollar demand matched by little agriculture inflows,” the National Microfinance Bank (NMB) report shows - quoting commercial bank exchange rates. 

While the Standard Chartered Bank reported that the pair shilling/dollar traded relatively flat as the market saw balanced flows in both the corporate and interbank side.

“We continue to see demand especially from oil players, however, inflows have been significant to cover the demand.“We expect a similar trend today (Friday) with low to medium price volatility,” StanChart bank said in its daily market report of last Friday.

CRDB Bank, on the other hand, said the shilling slightly depreciated against the dollar on Thursday, last week follows significant demand of the greenback in the market. Commercial banks, CRDB indicates, quoted the local unit at 1619/1629 against the dollar, which was higher than Wednesday’s close of 1617/1627.

The Bank of Tanzania (BoT) said despite slightly fluctuation, the shilling remains on stable side in the last 12 months swinging almost by 1 per cent only.
Source: The Daily News, www.dailynews.co.tz, reported from Dar es Salaam
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.