Dar es Salaam —
Importers did not feel any foreign exchange turbulence during the first
quarter of 2020, after the shilling's value remained resilient against
the dollar.
The Bank of
Tanzania (BoT) indicative foreign exchange market report shows that the
shilling was
bought by the bank at Sh2,278 and sold at Sh2,301 on March
31.
The rate was
slightly higher than an indicative buying rate of Sh2,276 and selling
rate of Sh2,299 recorded during the closing day of the fourth quarter of
2019.
The Bank of
Tanzania monthly economic review (MER) report for the year ended
February 2020 shows that in the first two months of this year, the
Tanzanian shilling trading against the greenback was almost flat.
The shilling was traded at an average of Sh2,300.9 per dollar in February, and Sh2,300 against the dollar in January this year.
"Total value of
transactions in the interbank foreign exchange market (IFEM) amounted to
$62.7 million in February 2020 compared with $60.3 million traded in
the preceding month" the central bank report reads in parts.
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On the annual
basis, the central bank reports that in the year to February 2020 the
Tanzanian shilling depreciated by 0.1 per cent.
This week, the
dollar nursed losses as investors cautiously stepped into riskier
currencies after US President Donald Trump edged toward rolling back
some restrictions put in place to contain the coronavirus outbreak.
The greenback also
remains under pressure following heavy measures by the Federal Reserve
to boost dollar supply, though analysts say it is too early for a
full-scale retreat from safe-havens with the public health threat not
yet fully contained.
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