BARCLAYS BANK TANZANIA CONDUCTS TRAINING FOR ITS CORPORATE CLIENTS ON RISK MANAGEMENT

A South African based derivatives and financial risk specialist, Mr. Peter Skerritt (R) giving a lesson on financial risk management during a one week training organised by Barclays Bank Tanzania for its Corporate Clients in Dar es Salaam. The training aims in empowering them to protect their business when the country is experiencing fluctuation of the shilling against foreign currencies in the market.

Barclays Bank Tanzania hosts a one week training for its Corporate Clients on risk management, deliverance, foreign exchanges rates, corporate cash flow and their understanding on local and international market with the aims of empowering them to protect their business when the country is experiencing fluctuation of the shilling against foreign currencies in the market.

Speaking to reporters in Dar es Salaam, Barclays Bank Tanzania Head of Trading and Treasury Execution, Mr. Idd Davis said that the bank is conducting a one week training to its corporate customers to make them understand the market and protect their business against shilling depreciation.

He said that the training will support clients in managing the risks associated with foreign exchange hullabaloo and interest rate volatility which will provide them with sustainable solution in their businesses.

“The training will be very useful to them because it will make them understands the local and international market and expands the knowledge on how to mitigate the risk in the course of business,” said Mr. Idd Davis

Davis added that the workshop is also looking forward at inculcating the culture of understanding the movements of exchange rates and how to deal with them without discouraging their business. “Trading and treasury department always support clients with the structuring and execution of tailor made solutions, post trade support and analyzing the existing positions,” he added

From South Africa, the facilitator of Training, Mr. Peter Skerritt said that the growing trend of pricing goods and services for Tanzanians in US dollars affects the country’s economy as well as its consumers in the country.

He stated that ‘dollarisation’ of the local economy that has contributed heavily to the steady weakening of the shilling in the financial market affects business people and its local citizens.

A facilitator at the event, a South African based derivatives and financial risk specialist said that Barclays always conducted training to its clients in East and Central Africa and build their capacity on the international financial markets.

He added that Tanzanians should push for increased production of goods and services for export, to earn more foreign currency and subsequently strengthen the shilling.

Skerritt underscored that the East African Community through its ambitious to have a single currency in the region will stabilize the shillings in both member states and fostering social and economic development.

Barclays Bank has 22 branches country wide, 11 of which are located in Dar es Salaam City, 11 branches countrywide and a network of 46 automated teller machines.