{"id":13894,"date":"2020-08-19T17:59:47","date_gmt":"2020-08-19T17:59:47","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=13894"},"modified":"2020-08-19T17:59:47","modified_gmt":"2020-08-19T17:59:47","slug":"shilling-depreciates-2pc-in-eight-months","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months","title":{"rendered":"SHILLING DEPRECIATES 2PC IN EIGHT MONTHS"},"content":{"rendered":"

Author: ABDUEL ELINAZA<\/strong>
\nAfricaPress-Tanzania:<\/strong> THE shilling depreciated against US dollars by over two per cent in the year to date thanks to inflows from mining and agri-sector.<\/p>\n

The shilling exchange rate data showed that at commercial banks opened at 2,300\/- at the beginning of the year and closed at 2,349\/- on Monday down by 2.13 per cent.<\/p>\n

However, Bank of Tanzania data showed that the shilling opened the year at 2,299\/97 and closed the Monday trading at 2,309\/13.<\/p>\n

Despite to drop in almost eight month, in a weekly basis the shilling held its position in the last three weeks in row. Orbit Securities said in its Weekly Synopsis yesterday that maintained stability in past three weeks.<\/p>\n

\u201cThe shilling has maintained stability while appreciating for the third week in a row,\u201d Orbit said.<\/p>\n

Also, the total transactions at Interbank Foreign Exchange Market (IFEM) were 6.5 per cent higher compared to the similar period during the previous week.<\/p>\n

NMB said through its e-Market Monday that local currency held steady against the dollar on the back of continued dollar inflows from \u201cmining and agri-sectors\u201d.<\/p>\n

However, NMB said there is still an outstanding dollar demand from importers especially oil marketing companies, telecom and retail traders. \u201c\u2026But the current ongoing seasonal crop exports is expected to provide support to the shilling,\u201d NMB, one of the largest lender in the land, said.<\/p>\n

In quarter two, the shilling opened at 2,313\/- to the greenback, depreciated slightly to 2,319\/- which was the quarter high before appreciating to 2,314\/- where the pair entered a period of consolidation.<\/p>\n

\u201cThe local unit traded sideways with limited volatility for the entire quarter under review due to tightness in foreign currency liquidity,\u201d NMB said in its latest Market Digest.<\/p>\n

During Q2, the volumes traded in the IFEM decreased by 41 per cent from the 191.48million US dollar traded in the preceding quarter to 113.08million US dollars during the period under review.<\/p>\n

\u201cIFEM members opted for back-to-back customer covers as price discovery and liquidity continued to be limited,\u201d the bank said.<\/p>\n

The BoT, during the quarter, participated as a net seller for liquidity management purposes to maintain orderly money market conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Author: ABDUEL ELINAZA AfricaPress-Tanzania: THE shilling depreciated against US dollars by over two per cent in the year to date thanks to inflows from mining and agri-sector. The shilling exchange rate data showed that at commercial banks opened at 2,300\/- at the beginning of the year and closed at 2,349\/- on Monday down by 2.13 […]<\/p>\n","protected":false},"author":84,"featured_media":3663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[740,438,2612],"class_list":["post-13894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-ifem","tag-nmb-bank","tag-shilling"],"yoast_head":"\nSHILLING DEPRECIATES 2PC IN EIGHT MONTHS - Tanzania<\/title>\n<meta name=\"description\" content=\"THE shilling depreciated against US dollars by over two per cent in the year to date thanks to inflows from mining and agri-sector.The shilling exchange\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHILLING DEPRECIATES 2PC IN EIGHT MONTHS\" \/>\n<meta property=\"og:description\" content=\"THE shilling depreciated against US dollars by over two per cent in the year to date thanks to inflows from mining and agri-sector.The shilling exchange\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-19T17:59:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/02\/d112464d1610b60708308cca612259bf.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"578\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SHILLING DEPRECIATES 2PC IN EIGHT MONTHS\",\"datePublished\":\"2020-08-19T17:59:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months\"},\"wordCount\":358,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/02\/d112464d1610b60708308cca612259bf.jpg\",\"keywords\":[\"IFEM\",\"NMB bank\",\"shilling\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-2pc-in-eight-months\",\"name\":\"SHILLING DEPRECIATES 2PC IN EIGHT MONTHS - 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