AfricaPress-Tanzania: THE shilling is tipped to remain stable in the coming weeks, thanks to matching demand and supply backed by agriculture commodities inflows.
The shilling, according to NMB Bank, traded against the US dollar at 2,307/- for buying and 2,339/- for selling at the opening of the week.
The bank said in its e-Market report that it remained steady backed by supply observed from agri-commodities, particularly cashew nuts.
“Demand from corporates such as oil marketing companies (OMCs), manufactures and telecoms continue to match the current supply. “We expect the local currency to remain stable,” NMB’s e-market report said.
The Bank of Tanzania (BoT) showed that the shilling minutely depreciated since the month began, almost trading at stable range.
The local currency opened this month at 2,286/16 for buying while selling at 2,309/03 and closed this Tuesday at 2,286/24 buying and 2,309/11 selling.
Orbit Securities said in its weekly synopsis report that the shilling remained stable after ending last Friday down by merely 2 percentages in point (pips).
“The shilling remained stable with a slight depreciation of 2 pips while closing the week at a weighted average exchange rate of 2,309.08 against US dollars,” Orbit said.
Meanwhile, the value of transactions on the Interbank Foreign Exchange Market (IFEM) went down by 20 per cent to a total of 4.85 million US dollars during the week under review.
“This marks the second week of falling total weekly values after a seven weeks’ series of rising in weekly values,” Orbit said.
