Bei Mbaya
JF-Expert Member
- Nov 24, 2010
- 2,262
- 847
Tanzania's shilling strengthened for the first time in three days against the dollar as some mining companies sold the U.S. currency to pay for local costs.
The currency of East Africa's second-biggest economy appreciated as much as 0.6 percent to 1,618.3 per dollar and traded at 1,627.5 in Dar es Salaam, the commercial capital.
"Inflows came in from non-governmental organizations and some mining companies supplying dollars," Zainul Chandoo, head of Treasury at Standard Bank Group Ltd.'s local unit, said by phone "There otherwise have not been any major deals; we have had normal inflows and outflows."
source: bloomberg.com
Tanzania's shilling appreciated the most in more than 14 months against the dollar as mining and tourism companies sold the greenback.
The currency of East Africa's second-biggest economy's surged as much as 3.6 percent, the most since June 2010, to 1,562.5 per dollar and traded 0.2 percent up at 1,619 by 1:41 p.m. in Dar es Salaam, Tanzania's commercial capital. It rebounded from 1,633.2 on Aug. 19, the weakest intraday level since at least 1994.
"There have been inflows of dollars from the mining companies and tourism proceeds," Eric Chijoriga, a trader at National Bank of Commerce Ltd., Absa Group Ltd. (ASA)'s local unit, said by phone. "This is when tourist season begins."
Tanzania vies with Mali to be Africa's third-biggest producer of gold after Ghana and South Africa. The country's inflation rate climbed to 13 percent in July, the fastest pace in 15 months, on higher energy and food costs, the National Bureau of Statistics said on Aug. 15.
[news via bloomberg.com]
The currency of East Africa's second-biggest economy appreciated as much as 0.6 percent to 1,618.3 per dollar and traded at 1,627.5 in Dar es Salaam, the commercial capital.
"Inflows came in from non-governmental organizations and some mining companies supplying dollars," Zainul Chandoo, head of Treasury at Standard Bank Group Ltd.'s local unit, said by phone "There otherwise have not been any major deals; we have had normal inflows and outflows."
source: bloomberg.com
Tanzania's shilling appreciated the most in more than 14 months against the dollar as mining and tourism companies sold the greenback.
The currency of East Africa's second-biggest economy's surged as much as 3.6 percent, the most since June 2010, to 1,562.5 per dollar and traded 0.2 percent up at 1,619 by 1:41 p.m. in Dar es Salaam, Tanzania's commercial capital. It rebounded from 1,633.2 on Aug. 19, the weakest intraday level since at least 1994.
"There have been inflows of dollars from the mining companies and tourism proceeds," Eric Chijoriga, a trader at National Bank of Commerce Ltd., Absa Group Ltd. (ASA)'s local unit, said by phone. "This is when tourist season begins."
Tanzania vies with Mali to be Africa's third-biggest producer of gold after Ghana and South Africa. The country's inflation rate climbed to 13 percent in July, the fastest pace in 15 months, on higher energy and food costs, the National Bureau of Statistics said on Aug. 15.
[news via bloomberg.com]