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.
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
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