Tanzanian shilling still strong, BoT assures members of public
What you need to know:
A statement issued by the BoT public relations and protocol department says by the time of closing the Inter-bank foreign exchange market (IFEM) on Friday, November 3, the shilling was trading between Sh2,246.50 and Sh2,247.60 per $1.
Dar es Salaam. The Bank of Tanzania (BoT) has refuted claims that the country’s currency depreciated to Sh2,481.83 from Sh2,247.60 compared to the US dollar.
A statement issued by the BoT public relations and protocol department says by the time of closing the Inter-bank foreign exchange market (IFEM) on Friday, November 3, the shilling was trading between Sh2,246.50 and Sh2,247.60 per $1.
“However, at around 6.30pm today (Friday) Bloomberg showed that the shilling had depreciated to Sh2,481.83 per $1—which was not correct,” reads part of BoT statement available at its website.
Furthermore, the BoT statement says the central bank communicated with Bloomberg,who confirmed that there were contributors, who had entered incorrect data, noting that the firm had begun to correct the database.
“BoTwishes to assure the public that, there is sufficientstock of foreign exchange reserves and, therefore, there is no reason of panic,” the statement says.
BoT clarification comes after economic stakeholders received Bloomberg reports, thus getting into a panic about currency depreciation.
