Tanzania’s shilling hits record low
Posted October 25, 2011
The Tanzania shilling hit a new, all-time low at 1,765 against the US dollar on Tuesday despite last week’s interventions by the central bank meant to stop further depreciation of the currency.
The weakening of the local currency for a fourth consecutive trading day, after minimal gains early last week has been attributed to an increase in demand for foreign currency from importers.
The freefalling shilling, which depreciated 4.7 per cent since last Monday, keeps pushing commodity prices up, making it harder for low-income earners to make ends meet.
Bankers said they expect the weakening trend to continue to the end of the year as importers of both raw materials and oil build their stocks to meet the rising demand.
Source: Nation
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