Borrowing cost falls slightly

Interbank rate fell to 4.40 per cent on Tuesday from 20 per cent early this month

The Bank of Tanzania exceeded its offer of the Treasury Bills by 130 per cent as the oversubscribed auction recorded a decline in the borrowing cost.

Government’s plan to raise Sh135 billion from institutional investors through issuance of short-term debt obligation hit a snag on Wednesday as patrons sought to earn more by raising yields on Treasury Bills (T-Bills).

Treasury bills have been oversubscribed and the borrowing costs for the government have been soaring.

The cost of transferring bulk funds across commercial banks in Tanzania, Kenya and Uganda fell tremendously during the past eight months, thanks to the introduction of a new payment system.

The Shilling gained ground against the dollar by 0.2 per cent in the beginning of the second quarter of this year. The situation is attributed to the Bank of Tanzania’s liquidity squeeze in forex markets.

Retail and wholesale prices of petrol and kerosene increased effective yesterday while those of diesel fell.

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Tanzania’s annual headline inflation rate decreased to 6.4 per cent in June 2014, from 6.5 per cent recorded in May as the speed of food prices went down during the month, the National Bureau of Statistics has announced.