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Tuesday, 31 July 2018

NMB BANK EXPANDS FOREX SERVICES

Business people can now undertake cash transactions of three East African currencies at the borders securely and hassle-free after NMB Bank introduced new three regional currencies in its foreign exchange trade.

A Senior Foreign Exchange Trader at the NMB Bank Treasury and Global Market Department, Mr. Jeremiah Lyimo said in Dar es Salaam over the weekend that the initiative aims at facilitating smooth flow of businesses in the region.

“Conversions of three East African currencies to facilitate exports and imports have been formalised through the NMB branches located at all border posts,” he said mentioning the currencies as Rwandan franc, Kenyan, and Ugandan shillings.

He said the bank increased the number of currencies traded in the region to capitalise on the vacuum left by the bureau de change closed after failing to abide with the Bank of Tanzania (BoT) tough conditions.

He said the increased flow of businesses in the region is the major reason for the move to add the number of currencies traded, also the source of income for the bank through fees and commissions.

He said the bank work very closely to the customers to ensure clear, right and timely market information on foreign exchange trading are provided in order to avoid risks of falling into losses.

NMB Senior Dealer Foreign Exchange Trading Mr. Huruma Stewart said the current shilling stability is attributed to the increased electricity generation through natural gas, cutting down fuel imports.

Also, he said there have been increased inflows from agriculture products like cashew due to the introduction of warehouse receipt system where the last season saw over 500 million US dollars entering the economy.

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