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HomeAfricaTanzanian shilling gains against major foreign currencies

Tanzanian shilling gains against major foreign currencies

Tanzania’s shilling gained against leading curr encies last week but analysts said its latest recovery was not enough to revamp t he confidence of local importers, consumers and investors.

During the past week, the shilling appreciated against the US dollar, the sterli ng pound and the euro, but in commercial banks and bureaux de change, it showed a mixed trend against the currencies adjacent markets — the South African rand a n d the Kenyan shilling.

Bureaux de change sold the shilling at an average of Sh 1,521.38 against the gre eback, while the previous week the shilling traded at 1,522.18 for the dollar.

The pound was exchanged at an average of Sh 2,379.1, compared to Sh 2,396.64 the previous week, while the Tanzanian currency also appreciated against the euro, s wapping at an average of Sh 1,947.38 last week, compared to Sh 1,977.94 the prec e eding week.

Bureaux de change on the average traded the Kenyan shilling at TSh 18.59, up fro m TSh 18.48 the preceeding week, while the South African rand sold Tsh 193.87, u p from Sh 192.94 during the same period.

Meanwhile, treasury sources here indicated Tuesday that investors’ appetite for treasury bills was waning due to falling interest rates.

The overall interest rate across all maturities declined to 3.81 per cent at las t week’s trading, from 3.9 per cent of the preceeding weekly auction.

A treasury official said the yields were lowered in order to ease borrowing.

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