{"id":20535,"date":"2020-12-24T20:18:30","date_gmt":"2020-12-24T20:18:30","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=20535"},"modified":"2020-12-24T20:18:30","modified_gmt":"2020-12-24T20:18:30","slug":"shilling-trades-quiet-as-mouse-in-2020","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/shilling-trades-quiet-as-mouse-in-2020","title":{"rendered":"Shilling trades quiet as mouse in 2020"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>TANZANIAN shilling has maintained its stability since the beginning of the year after fluctuating by merely less than one per cent, thanks to agricultural export inflows.<\/p>\n

The shilling constancy is a major concern for the Central Bank since it defines in terms of the stability of the value of money to warrant a good domestic purchasing power\u2014the price level.<\/p>\n

The Bank of Tanzania (BoT) foreign exchange data showed that the shilling opened the year selling at 2,228\/58 against a US dollar before it depreciated minutely to 2,309\/09 yesterday.<\/p>\n

An economist-cum-banker Dr Hildebrand Shayo said almost for the entire year the country had a very strong shilling.<\/p>\n

\u201cWe need to understand that one of the hallmarks of a thriving economy is a \u2018strong and stable currency\u2019,\u201d Dr Shayo told \u2018Daily News\u2019 on Wednesday.<\/p>\n

The shilling stabilisation economically is good news for markets, because any volatility could have a major impact on the businesses trading internationally.<\/p>\n

\u201cDomestic companies stand to benefit from the shillings strength against other currencies,\u201d he said.<\/p>\n

On the other hand, the stronger shilling nonetheless can lead to both positive and negative effects on SMEs, depending on whether they import or export goods from Tanzania, and how well they are prepared for fluctuations on either side.<\/p>\n

\u201cWhile some businesses reap the rewards of a strong shilling we shouldn\u2019t forget in any economy that there will be businesses that blame currency headwinds for diminishing profits,\u201d Dr Shayo noted.<\/p>\n

The shilling was stable due to being consistent with adequate foreign reserves and implementation of prudent monetary policy.<\/p>\n

NMB Bank\u2019 Quarterly Market Digest issued mid-year that BoT participated as a net seller for liquidity management purposes to maintain orderly money market conditions.<\/p>\n

\u201cThe\u2026shilling trades as quiet as a mouse. Looking ahead to the upcoming quarter(s), the expectation is for further currency stability,\u201d NMB, one of the largest lenders said.<\/p>\n

The lender attributed the stability to inflows from cotton, coffee and tobacco to match the demand from importers with the central bank continuing to actively participate in the market to maintain orderly market condition.<\/p>\n

However, mid-year, the shilling had depreciated to around 2,319\/- being one highest level in the year.<\/p>\n

\u201cIn the Interbank Foreign Exchange Market (IFEM), the local unit traded sideways with limited volatility for the entire quarter under review due to tightness in foreign currency liquidity,\u201d NMB said<\/p>\n

In quarter two, the shilling was slightly unstable due to coronavirus but thanks to the central bank market quelling initiative that stabilised the local currency.<\/p>\n

In the quarter under question, the shilling opened at 2,313\/- to the dollar and depreciated slightly to 2,319\/- which was \u2018the quarter high before appreciating to 2,314\/-where the pair entered a period of consolidation,\u2019 NMB said.<\/p>\n

\u201cFrom there it managed to hold its ground well for the remainder of the quarter,\u201d the bank said.<\/p>\n

BoT said in its five-year of President Magufuli administration, price stability was largely achieved due to implementation of prudent monetary policies, strict control on government expenditure, stable foreign exchange rates against the shilling, and increased production of food in the country.<\/p>\n

\u201cThe inflation is expected to remain within single digit in future due to expected stability of the shilling against foreign currencies,\u201d BoT report said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. TANZANIAN shilling has maintained its stability since the beginning of the year after fluctuating by merely less than one per cent, thanks to agricultural export inflows. The shilling constancy is a major concern for the Central Bank since it defines in terms of the stability of the value of money to warrant […]<\/p>\n","protected":false},"author":84,"featured_media":20534,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8,16],"tags":[6990,711],"class_list":["post-20535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","category-twitter","tag-africa-press-2","tag-tanzania"],"yoast_head":"\nShilling trades quiet as mouse in 2020 - Tanzania<\/title>\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\/all-news\/shilling-trades-quiet-as-mouse-in-2020\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shilling trades quiet as mouse in 2020\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Tanzania. TANZANIAN shilling has maintained its stability since the beginning of the year after fluctuating by merely less than one per cent, thanks to agricultural export inflows. 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