Bloomberg News

Tanzania Shilling Slips for First Day in Three on Dollar Demand

October 12, 2011

Oct. 12 (Bloomberg) -- Tanzania’s shilling depreciated for the first day in three as companies increased dollar demand.

The currency of East Africa’s second-biggest economy lost as much as 0.9 percent to 1,715 per dollar, and traded down 0.2 percent at 1,704 by 12:37 p.m. in Dar es Salaam, the commercial capital.

“The foods and beverages sector has been buying dollars today,” Eric Chijoriga, a trader with National Bank of Commerce Ltd., Absa Group Ltd.’s Tanzanian unit, said by phone from Dar es Salaam. “We have also seen oil importers’ demand for dollars pick up slightly. It is mainly the tourism sector that is supplying the dollar today, as they pick up shillings.”

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, Chris Peterson

-0- Oct/12/2011 09:46 GMT

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

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


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