| Tanzanian shilling gains against major currencies | ||
| Emerging Markets Business News | |
| Tuesday, 17 March 2009 07:10 | |
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Dar es Salaam, Tanzania - The Tanzanian shilling has strengthened against major currencies for the third week running during commercial transactions here on Tuesday.
The average exchange rate was 1,316.48 shillings for the US dollar, compared with 334.29 shillings to the greenback in the preceding week.
An average of 1,896.57 shillings was exchanged for the British pound sterling, compared with 1,933.86 shillings in the preceding week. The euro also lost against the shilling, averaging at the exchange rate of 1,688.55 shillings to the euro last week, compared with 1,695.66 shillings in the previous week. The South African rand depreciated versus the shilling, exchanging at an average of 137.28 shillings to the rand, from 138.41 shillings to the rand over the period. The Kenya shilling gained slightly against the Tanzanian currency, with 17.02 Tanzanian shillings exchanged for one Kenyan shilling, compared with 16.96 Tanzanian shillings a week earlier for the neighbouring shilling. Tanzania depends on agricultural exports, tourism and donor inflows to earn its foreign exchange. But analysts say signs of the currency\’s continuing recovery are too remote to make importers, investors and consumers confident. Source: APA |
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