Shilling gains after 10-week shock

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.

>The shilling, which fell to a record low of Sh2,400 against the dollar last week, jumped yesterday, sending a ray of hope to millions of Tanzanians that the cost of imported goods will fall appreciably.

Bloomberg
Tanzania Shilling Drops to Record; Kenya Currency Falls 6th Week
Bloomberg
Tanzania's shilling dropped to a record low to lead declines among currencies in East Africa's biggest economies this week as investors sought dollars amid a rally in the foreign currency. The Bloomberg Dollar Spot Index, which tracks the greenback against ...
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 The Dar es Salaam Stock Exchange (DSE) turnover was 23 times higher last week, fuelled by improved activities as investors sought to capitalize on gains made on the NMB counter.

>A seasoned banker yesterday called upon the Bank of Tanzania (BoT) to leave the value of the Shilling to be determined by market forces.

Zambians observed a national day of prayers on Sunday, October 18, as they sought divine intervention to save their currency, the kwacha, from its free-falling spree.