By Osoro Nyawangah, DAR ES SALAAM Tanzania
Tanzanian shilling continues to show steady gains against major global currencies according to the Bank of Tanzania (BoT) recent quotes.
The shilling has been appreciating since early October, with the mean rate per dollar quoted by the BoT on December 11, 2024 being Sh2,513.1169. This is a significant improvement from the rate of Sh2,721.68 per dollar quoted on October 4, 2024.
However, as of Friday, December 13, 2024, the shilling has strengthened significantly, trading at Sh2,294—the lowest exchange rate recorded this year.
The shilling has also appreciated against the Euro and the British pound, trading at Sh2,406 and Sh2,919, respectively.
In the East African region, the Tanzanian shilling has outperformed the Kenyan shilling, now trading at 17.7, compared to 21 just a few weeks ago.
BoT Governor, Emmanuel Tutuba attributes this appreciation to several factors, including the stabilization of the United States economy.
Lower US interest rates have prompted investors to seek opportunities in other markets, increasing the global supply of dollars.
As the shilling reaches a new high against the US dollar, the government remains optimistic that the trend will persist, with projections indicating continued strength through at least February 2025.
The shilling's gains have been positive news for industrial producers, vehicle importers, and motorists.
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