Tanzanian Shilling stable against other major currencies, says finance Minister
What you need to know:
The trend was due to various reasons including measures undertaken by the Bank of Tanzania to ensure transparency and efficient procedures in forex trade; and low inflation which resulted to a slight small inflation differential between Tanzania and its trading partners, to mention but a few.
Dar es Salaam. The value of Tanzanian Shilling against other major currencies has remained relatively stable throughout 2018/19, according to the government.
This was said by the Finance and Planning Minister Dr Philip Mpango on Thursday, June 11, 2020, when he presented to the Parliament, the economic survey 2019 report and the national development plan 2020/21.
He said during the period between July 2019 and April 2020, one US dollar traded at an average of between 2,299.3 shillings and 2,302.7 shillings at the Inter-bank level.
Foreign Exchange Market compared to an average of between 2,276.4 shillings and 2,300.9 shillings in the same period in 2018/19.
According to the Minister, the trend was due to various reasons including effective implementation of fiscal and monetary policies and a decrease in the current account deficit.
Other reasons include; measures undertaken by the Bank of Tanzania (BoT) to ensure transparency and efficient procedures in forex trade; and low inflation which resulted into low inflation differential between Tanzania and its trading partners.
