TANZANIAN shilling has remained stable as pressure eases, thanks to an increase of inflows and slowdown in demand of US dollars, banks said on Tuesday. However, they warned that demand remains pausing pressure on the shilling unless inflows improve in the coming days.
The shilling was quoted closing the
Tuesday trading at 2,185/- and 2,195/- against the greenback. CRDB Bank
said in its market highlights that pressure on the shilling has eased
because of an increase in inflows and slowdown in demand for the US
dollar.
“The stable prices will likely persist
towards the end of the week,” the bank said. It, however, warned: “With
more demand pressure we may probably see it moving higher towards this
year’s highs at 2,200/-.
” The National Microfinance Bank (NMB)
said the shilling steadied supported by corporate pushing for lower
dollar prices and natural interbank flows. “Market closed at the same
levels as yesterday’s (Tuesday), but demand remains pausing pressure on
the shilling unless inflows improves,” NMB said.
According to Bank of Tanzania (BoT), the
shilling lost slightly less than 1/- since the beginning of this month
to 2,192/59 of yesterday from 2,191/09 of May 2. On year-to-year the
shilling lost slightly over one per cent up to yesterday.
The shilling opened the year exchanging
at 2,150/-. The central bank said in March’s Monthly Economic Review
that value of exports of goods and services amounted to 9,636.2 million
US dollars compared to 8,983.2 million US dollars in the corresponding
period in 2015. “This was mainly driven by improved performance in
travel receipts owing to increased tourists,” BoT said in the report.
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