Bloomberg News

Tanzania Shilling Falls a 3rd Day on Manufacturer Dollar Demand

October 06, 2011

Oct. 6 (Bloomberg) -- Tanzania’s shilling depreciated for the third day as manufacturers increased demand for dollars.

The currency of East Africa’s second-biggest economy lost as much as 0.8 percent at 1,687 per dollar, and traded down 0.1 percent at 1,675 by 12:33 p.m. in Dar es Salaam, the commercial capital.

“We have seen demand come in from the manufacturing sector today,” Eric Chijoriga, a trader with National Bank of Commerce Ltd., Absa Group Ltd.’s Tanzanian unit, said by phone from Dar es Salaam.

Tanzania exported $242.2 million worth of manufactured goods in three months through June compared to $206.1 million in the previous quarter, according to a report e-mailed from Bank of Tanzania Sept. 19. Tanzania’s inflation rate climbed to 14.1 percent in August on higher energy and food costs, the National Bureau of Statistics said Sept. 15.

--Editors: Ana Monteiro, Linda Shen

-0- Oct/06/2011 10:54 GMT

To contact the reporter on this story: David Malingha Doya in Dar es Salaam via Nairobi at pmrichardson@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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