Tanzanian shilling continued to hold steady against the
dollar on Monday for the past one week in a row, partly due to liquidity
squeeze as overnight rates head north.
The market closed at 1592/1598 same as Friday’s close,
according to National Microfinance Bank (NMB).
Standard Chartered Bank said the shilling traded with little
to no volatility against the U.S. dollar on Friday on the back of well matched
demand and supply in the interbank market.
“Today (Monday) we expect a similar trend with low level of
volatility,” Standard Chartered Bank said.
Meanwhile, the cash market recorded a decline on rates after
a sustained rates rise over the week. The highest traded rate recorded an
increase to 20 per cent from 18 per cent
with volume reported at 14.3bn/-.
“There is a liquidity tightening especially with few small banks
which has seen a gradual increase in overnight rates,” the bank said.
Source: tzexchange.blogspot.com
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