{"id":8335,"date":"2020-05-08T21:01:06","date_gmt":"2020-05-08T21:01:06","guid":{"rendered":"https:\/\/www.africa-press.com\/tanzania\/?p=8335"},"modified":"2020-05-08T21:01:06","modified_gmt":"2020-05-08T21:01:06","slug":"shilling-depreciates-by-0-12-pc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc","title":{"rendered":"SHILLING DEPRECIATES BY 0.12 PC"},"content":{"rendered":"
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AfricaPress-Tanzania:<\/strong> THE shilling depreciated by 0.12 percent against US dollar since January but the trend was accelerated by the outbreak of coronavirus pandemic.<\/p>\n

However, the level of depreciation was insignificant to the economy and with oil price plummeting in world markets expect to lessen pressure on shilling.<\/p>\n

The shilling, according to Bank of Tanzania (BoT), data, depreciated from 2299\/97 at the opening of the year to 2302\/76 on Thursday.<\/p>\n

Orbit Securities Head of Research and Analytics Imani Muhingo said the shilling has been falling for seven consecutive weeks despite some pocket appreciations.<\/p>\n

\u201cThe shilling started off [last] week well after ending the almost two month\u2019s consecutive depreciation but in the end maintained weekly depreciation for the seventh consecutive week,\u201d Mr Muhingo said.<\/p>\n

For instance for the week ended last Friday, the shilling lost 3 point in percentage in points (pips) and closed the week at a weighted average exchange rate of 2,302\/70 against the green back.<\/p>\n

The Interbank Foreign Exchange Market (IFEM) ended a four weeks of rising weekly turnover following a 12.4 per cent decline in the total value of transactions realized in the respective market.<\/p>\n

The total value of transactions during the week under review totaled 7.8million US dollars compared to 8.9 million US dollars realized during the previous week.<\/p>\n

Three weeks ago, money market analysts had it that the shilling started to feel the pinch of the coronavirus contagious in four straight weeks after losing 148 pips since mid-March.<\/p>\n

\u201cGlobal consequences of the coronavirus are expected to keep stressing the shilling despite a sufficient foreign reserve by the BoT,\u201d Orbit Securities, largest stock brokerage firm said three weeks ago.<\/p>\n

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

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AfricaPress-Tanzania: THE shilling depreciated by 0.12 percent against US dollar since January but the trend was accelerated by the outbreak of coronavirus pandemic. However, the level of depreciation was insignificant to the economy and with oil price plummeting in world markets expect to lessen pressure on shilling. The shilling, according to Bank of Tanzania (BoT), […]<\/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":[274,2612],"class_list":["post-8335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bot","tag-shilling"],"yoast_head":"\nSHILLING DEPRECIATES BY 0.12 PC - Tanzania<\/title>\n<meta name=\"description\" content=\"THE shilling depreciated by 0.12 percent against US dollar since January but the trend was accelerated by the outbreak of coronavirus pandemic.\" \/>\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-by-0-12-pc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHILLING DEPRECIATES BY 0.12 PC\" \/>\n<meta property=\"og:description\" content=\"THE shilling depreciated by 0.12 percent against US dollar since January but the trend was accelerated by the outbreak of coronavirus pandemic.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc\" \/>\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=\"2020-05-08T21:01:06+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=\"1 minute\" \/>\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-by-0-12-pc#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"SHILLING DEPRECIATES BY 0.12 PC\",\"datePublished\":\"2020-05-08T21:01:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc\"},\"wordCount\":296,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2020\/02\/d112464d1610b60708308cca612259bf.jpg\",\"keywords\":[\"BoT\",\"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-by-0-12-pc#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/economy\/shilling-depreciates-by-0-12-pc\",\"name\":\"SHILLING DEPRECIATES BY 0.12 PC - 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