Bloomberg News

Tanzania Shilling Falls for Third Day in Four on Oil Demand

October 24, 2011

Oct. 24 (Bloomberg) -- Tanzania’s shilling weakened for a third day in four as oil importers increased demand for the US currency.

The currency of East Africa’s second-biggest economy fell 1.2 percent to 1,730 shillings per dollar as of 1:12 p.m in Dar- es-Salaam, the commercial capital, after declining as much as 1.9 percent to 1,742.50 per dollar, the most since June 9.

“Demand has mainly come in from oil importers today,” said Alex Ngusaru, head treasurer at Cooperative Rural Development Bank PLC in Dar-es-Salaam said today by phone. “There are however very few deals in the market today, so any trade could move the market,”

Tanzania’s inflation rate climbed to 16.8 percent in September, on higher energy and food costs, the National Bureau of Statistics said Oct. 15.

--Editors: James Kraus, Peter Branton

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: Paul Richardson at pmrichardson@bloomberg.net.


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus