{"id":7456,"date":"2020-04-22T15:28:15","date_gmt":"2020-04-22T15:28:15","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=7456"},"modified":"2020-04-22T15:28:15","modified_gmt":"2020-04-22T15:28:15","slug":"shilling-starts-to-feel-coronavirus-impact","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact","title":{"rendered":"SHILLING STARTS TO FEEL CORONAVIRUS IMPACT"},"content":{"rendered":"
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AfricaPress-Tanzania:<\/strong> THE global consequences of coronavirus are expected to keep stressing the shilling despite a sufficient foreign reserve by the Bank of Tanzania (BoT), Orbit said.<\/p>\n

\u201cThe depreciation is caused by halted tourism activities and lowered exports due to the coronavirus outbreak,\u201d Orbit Securities Company Limited said in its weekly market synopsis.<\/p>\n

According to the report, last week alone the shilling lost 25 pips to close the week at a weighted average exchange rate of 2,302\/06 US dollar\u2014the country\u2019s main trading currency.<\/p>\n

Although, the firm said, daily values slowed down as the days ate the week, the weekly aggregate value of transactions on the Interbank Foreign Exchange Market (IFEM) grew by 20 per cent to a total of 6.8 million US dollars.<\/p>\n

As of February 2020, BoT said in its latest Monthly Economic Review, the country\u2019s reserve amounted to 5.5 billion US dollars, enough to cover 6.4 months\u2019 worth of imports.<\/p>\n

\u201cThe amount sufficient to cover\u2026projected imports of goods and services excluding foreign direct investment related imports,\u201d the central bank said report showed.<\/p>\n

On the other hand, foreign assets of banks amounted to 1.04 billion US dollars at the end of February from 958.5 million US dollars last February.<\/p>\n

Also, fortnight ago money experts predicted that the shilling to be stressed further on the back of global oil raise after Organization of the Petroleum Exporting Countries and other OPEC+ to reach a deal to cut production to boost prices.<\/p>\n

However, BoT said the actual impact of the virus on the economy may be felt in March.<\/p>\n

\u201cAs the spread of the pandemic disease deeply intensified towards the end of February, the impact on the economy became visible in March,\u201d BoT said.<\/p>\n

The extent of the impact on the economy and policy responses taken to cushion the economy will be reported in the subsequent publications of Monthly Economic Review.<\/p>\n<\/div>\n

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AfricaPress-Tanzania: THE global consequences of coronavirus are expected to keep stressing the shilling despite a sufficient foreign reserve by the Bank of Tanzania (BoT), Orbit said. \u201cThe depreciation is caused by halted tourism activities and lowered exports due to the coronavirus outbreak,\u201d Orbit Securities Company Limited said in its weekly market synopsis. According to the […]<\/p>\n","protected":false},"author":84,"featured_media":7447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,1683,3464],"class_list":["post-7456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bot","tag-coronavirus","tag-orbit-securities-company-limited"],"yoast_head":"\nSHILLING STARTS TO FEEL CORONAVIRUS IMPACT - Tanzania<\/title>\n<meta name=\"description\" content=\"THE global consequences of coronavirus are expected to keep stressing the shilling despite a sufficient foreign reserve by the Bank of Tanzania (BoT)\" \/>\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-starts-to-feel-coronavirus-impact\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHILLING STARTS TO FEEL CORONAVIRUS IMPACT\" \/>\n<meta property=\"og:description\" content=\"THE global consequences of coronavirus are expected to keep stressing the shilling despite a sufficient foreign reserve by the Bank of Tanzania (BoT)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact\" \/>\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=\"2020-04-22T15:28:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/04\/e4cd7b0f0b18f7f2534ac71ba16c4c13.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"554\" \/>\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-starts-to-feel-coronavirus-impact#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SHILLING STARTS TO FEEL CORONAVIRUS IMPACT\",\"datePublished\":\"2020-04-22T15:28:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact\"},\"wordCount\":309,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/04\/e4cd7b0f0b18f7f2534ac71ba16c4c13.jpg\",\"keywords\":[\"BoT\",\"Coronavirus\",\"Orbit Securities Company Limited\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-starts-to-feel-coronavirus-impact\",\"name\":\"SHILLING STARTS TO FEEL CORONAVIRUS IMPACT - 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