The Tanzania’s shilling is expected to hold steady next week with inflows from foreign direct investments offsetting demand of the U.S. dollar from most sectors.
Commercial banks quoted the shilling at an average of 2,336/2,346 on Thursday, compared to 2,332/2,342 recorded at last week’s close.
“Tanzania’s government this week gave the green light to construction of a $3.5bn oil pipeline transporting crude from Uganda to the port of Tanga for export in the face of opposition over its potential environmental impact,” AZA Finance said in a note.
“We expect the shilling to continue trading around current levels near term.”
The Tanzanian shilling remained stable against the US dollar since last year, depreciating only by 0.6 percent (year-on-year) by end-2022.
At the same time, the real effective exchange rate appreciated by about 3.7 percent (yoy) at end-December 2022.
Source: Reuters
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