{"id":18826,"date":"2020-11-19T20:15:11","date_gmt":"2020-11-19T20:15:11","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=18826"},"modified":"2020-11-19T20:15:11","modified_gmt":"2020-11-19T20:15:11","slug":"cashew-inflows-bolster-shilling","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling","title":{"rendered":"CASHEW INFLOWS BOLSTER SHILLING"},"content":{"rendered":"

AfricaPress-Tanzania:<\/strong> The shilling has continued to retain its steadiness, thanks to demand and supply stabilized by cashew nuts inflows.<\/p>\n

The shilling, which lost a pip started a week at 2,306\/2,338 against the US dollar, has been stable for almost the entire year.<\/p>\n

NMB Bank said in its e-Market report that the local currency was steady against the dollar as moderate demand from importers, mostly oil marketing companies and the manufacturing sector was buoyed by agri inflows.<\/p>\n

\u201cWe expect the shilling to remain stable as cashew inflows continue supporting the outstanding demand in the market,\u201d NMB said in the report.<\/p>\n

According to Bank of Tanzania (BoT), traditional exports almost doubled to 914.8 million US dollars in a year to September, from 567.5 million US dollars in the corresponding period last year.<\/p>\n

\u201cThe increase manifested in exports of cashew nuts, cotton, cloves, sisal and tobacco,\u201d the central bank said.<\/p>\n

Cashew nuts, cotton, cloves and tobacco rose in export volume, attributable to increase in production.<\/p>\n

Orbit Securities said in its Weekly Market Synopsis that the shilling remained unwavering for the entire last week, depreciating by a pip.<\/p>\n

\u201cThe shilling remained resilient while depreciating by a pip to close the week at a weighted average exchange rate of 2,309\/13 a US dollar,\u201d Orbit said.<\/p>\n

However, the shilling in the last ten months depreciated by 11 per cent from 2,299\/- to 2,309\/-.<\/p>\n

According to Orbit Securities, the Interbank Foreign Exchange Market (IFEM) transaction value went up by 25.5 per cent to a total of 8.03million US dollars compared to 6.4million US dollars traded during the previous week.<\/p>\n

\u201cValue of transactions has resumed ascendance two weeks in a row after a dip during the election week,\u201d Orbit said.<\/p>\n

Nevertheless, BoT Monthly Economic Review for October said the shilling remained stable against the US dollar, trading at an average of 2,309\/04 per US dollar from 2,308\/12 per US dollar in the preceding month.<\/p>\n

\u201cThe IFEM operated smoothly in September, with gradual increase in foreign exchange from export-related economic activities, notably crop exports,\u201d BoT said.<\/p>\n

THE IFEM transactions amounted to 58.8 million US dollars, of which the BoT sold 28.5 million US dollars.<\/p>\n","protected":false},"excerpt":{"rendered":"

AfricaPress-Tanzania: The shilling has continued to retain its steadiness, thanks to demand and supply stabilized by cashew nuts inflows. The shilling, which lost a pip started a week at 2,306\/2,338 against the US dollar, has been stable for almost the entire year. NMB Bank said in its e-Market report that the local currency was steady […]<\/p>\n","protected":false},"author":84,"featured_media":18812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,5099,483],"class_list":["post-18826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bot","tag-cashew","tag-nmb"],"yoast_head":"\nCASHEW INFLOWS BOLSTER SHILLING - Tanzania<\/title>\n<meta name=\"description\" content=\"The shilling has continued to retain its steadiness, thanks to demand and supply stabilized by cashew nuts inflows.The shilling,\" \/>\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\/cashew-inflows-bolster-shilling\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CASHEW INFLOWS BOLSTER SHILLING\" \/>\n<meta property=\"og:description\" content=\"The shilling has continued to retain its steadiness, thanks to demand and supply stabilized by cashew nuts inflows.The shilling,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling\" \/>\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=\"2020-11-19T20:15:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/11\/bb09c7e0f1f82829bd8bf840f2a29762.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\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\/cashew-inflows-bolster-shilling#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CASHEW INFLOWS BOLSTER SHILLING\",\"datePublished\":\"2020-11-19T20:15:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling\"},\"wordCount\":349,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/11\/bb09c7e0f1f82829bd8bf840f2a29762.jpg\",\"keywords\":[\"BoT\",\"cashew\",\"NMB\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/cashew-inflows-bolster-shilling\",\"name\":\"CASHEW INFLOWS BOLSTER SHILLING - 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