{"id":35137,"date":"2021-08-18T14:46:43","date_gmt":"2021-08-18T14:46:43","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=35137"},"modified":"2021-08-18T14:07:57","modified_gmt":"2021-08-18T14:07:57","slug":"tanzania-shilling-trades-on-stable-path","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path","title":{"rendered":"Tanzania shilling trades on stable path"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>THE shilling lost 8 per cent in points (pips) on the Interbank Foreign Exchange Market (IFEM), which is the highest loss since the beginning of this fiscal year.<\/p>\n

The shilling lost 8pips to close the week to last Friday at the weighted average exchange rate of 2,310\/81 against a US dollar. Orbit Securities said in its Weekly Market Synopsis that the loss was the highest albeit insignificant since the beginning of the 2021\/22 fiscal year. \u201cThe shilling is still on a gradual depreciation that began at the end of May,\u201d Orbit said.<\/p>\n

However, on Monday the shilling traded flat against the greenback thanks to inflows from agriculture and manufacturer goods.<\/p>\n

\u201cThe shilling continued trading flat against the dollar with inflows from commodities cushioning the appetite for USD from SMEs and,\u201d NMB Bank said in its e-market for forex.<\/p>\n

Monday\u2019s trading session remained at 2308\/2339 levels and the same trend is expected throughout the week. NMB\u2019s quarterly Market Digest issued yesterday said the local unit traded sideways with limited volatility for the entire quarter that ended June at IFEM.<\/p>\n

The shilling opened the quarter under review at 2319\/- to the dollar and appreciated slightly to 2318\/- before firming and close at 2319\/-.<\/p>\n

\u201cDespite the demand for dividend payments, which in recent years has led to notable depreciation of the shilling during the same period, the local unit managed to hold firm this time around,\u201d the NMB report said.<\/p>\n

The bank which is the largest lender in the land said the firmly trading was owed to the resilience to a well-timed increase in agri, gold exports and trade inflows, which aided greatly in the shilling\u2019s stability.<\/p>\n

The volumes traded in the IFEM decreased by 18 per cent from the 79.25 million US dollars traded in the preceding quarter to 64.8 million US dollars during the period under review.<\/p>\n

\u201cIFEM members opted for back-toback customer covers as price discovery and liquidity continued to be limited in the interbank space,\u201d NMB said. The Bank of Tanzania (BoT) continued to ensure orderly market conditions via prudent monetary policies.<\/p>\n

\u201cLooking ahead to the upcoming quarter,\u201d NMB said, \u201cthe expectation is for a stable currency as inflows continue to come in from sesame and tobacco proceeds.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. THE shilling lost 8 per cent in points (pips) on the Interbank Foreign Exchange Market (IFEM), which is the highest loss since the beginning of this fiscal year. The shilling lost 8pips to close the week to last Friday at the weighted average exchange rate of 2,310\/81 against a US dollar. Orbit […]<\/p>\n","protected":false},"author":84,"featured_media":35136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-35137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nTanzania shilling trades on stable path - Tanzania<\/title>\n<meta name=\"description\" content=\"THE shilling lost 8 per cent in points (pips) on the Interbank Foreign Exchange Market (IFEM), which is the highest loss ...\" \/>\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\/tanzania-shilling-trades-on-stable-path\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tanzania shilling trades on stable path\" \/>\n<meta property=\"og:description\" content=\"THE shilling lost 8 per cent in points (pips) on the Interbank Foreign Exchange Market (IFEM), which is the highest loss ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path\" \/>\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=\"2021-08-18T14:46:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/08\/img-611d14224edc2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"670\" \/>\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\/all-news\/tanzania-shilling-trades-on-stable-path#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tanzania shilling trades on stable path\",\"datePublished\":\"2021-08-18T14:46:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path\"},\"wordCount\":374,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/08\/img-611d14224edc2.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/tanzania-shilling-trades-on-stable-path\",\"name\":\"Tanzania shilling trades on stable path - 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