Kitomari Banking & Finance Blog is a premier site for banking, finance, business, economic, investment and stock market news as well as selected informative articles from Tanzania, East Africa and the rest of the World. We operate 24 hours a day, 365 days a year with complete context, perspective and precision.
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Thursday, 3 May 2018
Wednesday, 2 May 2018
JPM: NO SALARY INCREASE
...pleads for workers’ patience as he builds strong economic foundations
PRESIDENT John Magufuli yesterday rejected workers’ request for the pay rise, citing huge development projects that consume a massive amount of money as among the reasons.
Dr Magufuli, addressing workers at the climax of May Day celebrations at Samora Stadium in Iringa municipality, however, assured that public employees will get their statutory salary increment.
In his speech, which some radio and television stations beamed live, the president said he wished hiking salaries on Labour Day but after realising several challenges ahead, he decided to postpone his wish. But, he promised that before the end of his tenure in office he will have increased wages for all workers.
TZ LAUDED FOR MONEY LAUNDERING FIGHT
In Summary
Egmont Group says Tanzania, Mauritius and Seychelles have been exemplary in the fight against the crime
Port Louis. Tanzania has earned praise from a Danish think-tank, Egmont Group, for waging a relentless war against money laundering.
Tanzania is among the three countries in the western Indian Ocean rim, which have been reported to be doing well in curbing transnational crime. The others are Mauritius and Seychelles.
Egmont Group says the three countries have been exemplary in the fight against the crime.
The organisation presented its findings before the on-going peace and security conference for the western Indian Ocean states taking place in Port Louis, the Mauritius capital city.
TBL GROUP UNVEILS SAFETY APP FOR STAFF
In Summary
Speaking during the climax of safety week at working place celebration held in Dar es Salaam at the weekend, the TBL Group Safety and Health Manager, Mr Khery Gunzarethy, said safety at the workplace is one of the company’s top priorities.
Speaking during the climax of safety week at working place celebration held in Dar es Salaam at the weekend, the TBL Group Safety and Health Manager, Mr Khery Gunzarethy, said safety at the workplace is one of the company’s top priorities.
HH SHEIKH THEYAB BIN MOHAMED BIN ZAYED AL NAHYAN MARKS THE LAUNCH OF ETIHAD AIRWAYS’ “YEAR OF ZAYED” A380 AIRCRAFT
(Left to right) H.E. Mohamed Mubarak Fadhel Al Mazrouei, Chairman of Etihad Aviation Group; H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of the Department of Transport; and Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group; inspect the specially-designed Etihad Airways “Year of Zayed” A380 at Etihad Engineering in Abu Dhabi.
Abu Dhabi, United Arab Emirates – H.H. Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Department of Transport, has inspected the specially-designed Etihad Airways’ “Year of Zayed” A380 at Etihad Airways Engineering’s facilities in Abu Dhabi.
H.H. Sheikh Theyab was joined by H.E. Mohamed Mubarak Fadhel Al Mazrouei, Chairman of Etihad Aviation Group, and Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group, as well as members of the Etihad senior leadership team.
SH126BN SET ASIDE FOR EXPANSION OF ZANZIBAR AIRPORT
In Summary
- This was revealed by the Permanent Secretary at the Ministry of Communication and Transport, Mr Mustafa Aboud Jumbe after inspected the implementation of the project on Monday, April 30.
Zanzibar. About $56 million (approximately Sh126 billion) has been set aside to complete the construction of terminal II at the Abeid Amani Karume International Airport (AAKIA).
This was revealed by the Permanent Secretary at the Ministry of Communication and Transport, Mr Mustafa Aboud Jumbe after inspected the implementation of the project on Monday, April 30.
MrJumbe said the project has been financed by the Chinese government, which was guaranteed by the union government.
Friday, 27 April 2018
TPDC ‘TO ENGAGE SWALA’
In Summary
Swala Oil and Gas Tanzania Ltd, which had planned to roll out the project in 2016 following promising seismic data, says it has not secured permits.
Dar es Salaam. The Tanzania Petroleum Development Corporation (TPDC) has said it is willing to engage oil prospecting firm Swala amid brewing tension over alleged bureaucratic bungling in the issuing of oil drilling permits for the Kilosa-Kilombero project.
Swala Oil and Gas Tanzania Ltd, which had planned to roll out the project in 2016 following promising seismic data, says it has not secured permits.
The company accuses government agencies of dragging their feet.
Wednesday, 25 April 2018
WORLD'S LARGEST PLANE LANDS IN DAR ES SALAAM
Dar es Salaam. An Emirates Airbus A380 was
forced to land in Dar es Salaam yesterday – the first time an aircraft of that
size has had to land on Tanzanian soil.
Flight EK 701 had to be diverted from its usual route
between Dubai and Mauritus due to bad weather.
Tanzania Airport Authority (TAA) director general Richard
Mayongela said the aircraft landed at Julius Nyerere Interantional Airport for
refuelling with 475 passengers on board.
The flight is expected to head off to Mauritius tomorrow
when the weather clears, Mr Mayiongela told The Citizen over the phone from
Dodoma.
TAA Police Commander Matanga Mbushi said the aircraft tried
to land in Mauritius three times and failed, before the pilot decided to divert
it to Dar es Salaam.
“Due to heavy rains (the aircraft) was unable to land (in
Mauritius), forcing it to divert from its original route,” he said.
Manufactured by Airbus, the A380 is a double-decked,
wide-body four-engine jetliner.
It is considered the world’s largest passenger airliner, so
airports at which it operates have had to upgrade their facilities to
accommodate it.
BARRICK, TANZANIA GOVERNMENT DEAL ON THE HORIZON
Barrick Gold says it expects the final deal with the government of Tanzania to be concluded by mid-2018, paving the way for a strategic partnership between the two.
Detailed legal agreements are now being drafted but the full proposal would be ready by the end of the first half of this year, pending review by Acacia, the gold mining giant said in a statement posted on its website yesterday.
“Discussions between the government of Tanzania and Barrick concerning the proposed framework agreement for Acacia Mining Plc’s operations in Tanzania have been constructive and continue to progress,” the statement said.
“We continue to target the first half of 2018 for the completion of a detailed proposal for review by Acacia,” the statement added.
Negotiations between Barrick Gold and the Tanzanian government started in July last year, three months after President John Magufuli banned the exportation of copper concentrates by Acacia. Soon after the ban President Magufuli formed two committees to probe the chemical composition and amount of minerals as well as the economic value of the exported copper concentrates.
KENYA SETS SIGHTS ON MORE CHINESE TOURISTS
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| Kenya Tourism Board CEO, Betty Radier. |
The custom-made Chinese-language video targets to increase awareness on Kenya’s tourism sites.
The video will feature prominently on famous Chinese sites like WeChat, Weibo and Youku (Youtube) for about one month.
“A majority of Chinese travellers want to visit Kenya only for the wildebeest migration from July to September. Through the newly launched destination video, we are positioning Kenya as an all year-round destination among Chinese consumers and trade,” said KTB Chief Executive Officer, Dr Betty Radier.
China is currently Kenya’s fifth biggest tourism source market internationally and the second biggest source market in Asia. It contributed 5.5 per cent of total international tourist arrivals to Kenya in 2017. The number of Chinese tourists visiting the country in 2017 also grew by 11.8 per cent to 53,485.
ECOBANK LAUNCHES FINTECH CHALLENGE COMPETITION FOR AFRICAN START-UPS
Top 10 finalists to be selected as Ecobank Fintech Fellows
|
LOME, Togo, April 23, 2018/ -- Ecobank (www.Ecobank.com), the leading pan-African banking group, is inviting African fintech entrepreneurs to enter its Ecobank Fintech Challenge. Now in its second year, the initiative gives African start-ups the chance to promote their fintech solutions, and potentially to partner Ecobank in rolling-out their solutions across Ecobank’s 33 markets. Ecobank is currently welcoming submissions from all start-ups and developers in any of Africa’s 54 countries to enter its 2018 Ecobank Fintech Challenge at http://EcobankFintech.com
10 Finalists will be selected to participate in an Awards and Innovation Fair at the global headquarters of Ecobank in Lomé, Togo in July 2018. Following a series of pitches from the finalists, a panel of judges will select the top three winners, who will receive cash prizes worth $10,000, $7,000, and $5,000 respectively. |
CONSTRUCTION OF 30,000 LOW-COST HOUSES IN KENYA TO COMMENCE SOON
Kenya is set to commence the construction of 30,000 low-cost houses in Nairobi’s Eastlands area, as the ‘Big Four’ agenda shapes up.
The initiative which is being undertaken by the Kenyan government will see 5,000 houses being constructed in Shauri Moyo, 20,000 houses in Makongeni, 3,000 houses in Starehe and 2,000 houses in Park Road estates.
Timeline
In the next six months, it is projected that construction of the Shauri Moyo, Makongeni and Starehe houses will begin, whereas the breaking ground for the 2,000 houses on Park Road will commence within the next three months.
State House Spokesperson Manoah Esipisu confirmed the reports and said that the team leading the regeneration of Nairobi has given itself a timeline of six months to embark on the mega project that will see many citizens benefit.
He further pointed out that they are also planning to set up the Kenya Mortgage Refinance Company within the next month to help with bonds for affordable housing.
CONSTRUCTION OF STIEGLER'S GORGE POWER PROJECT IN TANZANIA TO COMMENCE IN JULY 2018
Construction of the Stiegler’s Gorge Power Generation Project in Tanzania is set to commence in July this year. The country is hoping to more than double its electricity production capacity in the next three years as part of its plan to become electricity sufficient and export the surplus.
The dam on the Rufiji River in the Selous Game Reserve will be the largest in the country and is set to produce 2,100MW.
Tanzania recently launched the US $353.7m Kinyerezi II power plant with an installed capacity of 240MW. The plant which is on the outskirts of Dar es Salaam, was built by Japanese firms Sumitomo Corporation, Mitsubishi Hitachi Power Systems and Toshiba Plant Systems.
According to Energy Minister Dr Medard Kalemani, the government hopes to complete two more projects in Kinyerezi to generate 600MW using natural gas.
TIGO AND TECNO TEAM UP TO PROVIDE THE BEST DIGITAL EXPERIENCE TO CUSTOMERS
AFRICAN DEVELOPMENT BANK PRESIDENT, ADESINA TO SPEAK AT TANZANIA'S UNION DAY CELEBRATIONS, COMMISSION DODOMA - BABATI REGIONAL ROAD
President Akinwumi Adesina is scheduled to attend the 2018 anniversary of the union between the Republic of Tanganyika and the People’s Republic of Zanzibar that gave birth to the United Republic of Tanzania.
Adesina, who was invited as a special guest, will deliver remarks at the event, scheduled for April 26 at the Jamhuri Stadium in Dodoma.
As part of his State visit to Tanzania, the President will on April 27 perform the official opening of the Dodoma-Babati road project, which was co-financed by the Bank and the Japan International Cooperation Agency (JICA).
During his visit, the President and the Bank’s delegation will hold bilateral meetings with Tanzanian President John Pombe Magufuli, development partners, private-sector representatives, African diplomatic corps and top Government officials in Tanzanian cities of Dar es Salam and Dodoma.
Tuesday, 24 April 2018
YOUR JOBS ARE SAFE, SAYS PRESIDENT JOHN MAGUFULI
In January 2018, Parliament passed the Public Service Security Fund Bill, 2017, which was subsequently assented to by President Magufuli.
The Act repeals the laws that had established the Public Service Pensions Fund (PSPF), Government Employees Provident Fund (GEPF), LAPF Pensions Fund and PPF Pensions Fund.
The four pension funds are to be merged into the Tanzania Public Service Social Security Fund (TPSSF), a behemoth with over Sh5 trillion in assets. The new law had created fears within the social security sub-sector, with senior managers and operational staff believing that they would be adversely impacted.
Under the new setup, public employees who were contributing members of the National Social Security Fund (NSSF) will be transferred to TPSSF.
On the other hand, private sector employees who are currently contributing to the PPF Pensions Fund will be transferred to NSSF, which will henceforth solely cater for private sector workers.
BANKS SHRUG-OFF NPLS AT EXPENSE OF PROFITS
The banks are struggling to balance profitability level while shrugging-off bad debts.
The banks mostly largest such as CRDB, NMB and Citi saw their profitability tumble as they comply with new accounting procedure International Financial Reporting Standard (IFRS) 9.
Zan Securities CEO Raphael Masumbuko said banks are struggling to clear off their balance sheets to conform to the new accounting procedures, thus eating their profit margins. “The [banks] profitability level will bounce back to acceptable level this year,” Mr Masumbuko said.
He believed that the issue was a one-time issue since banks have set aside a large amount to cushion the new reporting procedures. For instance NMB, CRDB and Citi banks have set aside 130.9bn/-, 152.3bn/- and 172.2bn/- respectively for probably bad debts last year.
The amount pruned the three banks net profits considerably in the last 12 months while battling nonperformance loans. The amount set aside by Citi climbed up 15 times to 172.2bn/- from 11.4bn/-. NMB impairment increased four times to 130.9bn/- from 30.2bn/-, while CRDB inched up to 152.3bn/- from 122bn/-.
ETIHAD CARGO AND IFHC TRANSPORT VULNERABLE AND ENDANGERED BIRDS TO THEIR NATURAL HABITATS
- Abu Dhabi partnership sees thousands of Houbara bustards transported in last three years
The venture, which is part of the Sheikh Khalifa Houbara Reintroduction Programme, began in 2014, when the two organisations signed a partnership agreement. In 2017 alone, more than 2,000 birds were transported safely to countries in Asia and North Africa, which have more hospitable environments, thereby increasing the birds’ long-term survival.
The Houbara are bred in centres in Abu Dhabi managed by IFHC and then released into their natural habitat in countries across the world. IFHC has developed protocols based on ground breaking ecology on the breeding and release of the Houbara, and every release site is studied to ensure the birds have the optimal chance of survival.
Monday, 23 April 2018
RELIEF TO MOROGORO REGIONAL REFERRAL HOSPITAL THROUGH EXIM BANK’S YEAR LONG CAMPAIGN
19th April 2018, Morogoro - In Tanzania, hospitals and clinics suffer from a shortage of medicine, medical supplies and beds, particularly public referral hospitals. In an attempt to address these shortages plaguing the nation, Exim Bank Tanzania, a Tanzanian bank with an unmatched international presence, has embarked on countrywide initiative of donating 500 beds and mattresses to maternity wards at public hospitals in 13 regions across the country as part of yearlong corporate social campaign aimed at celebrating 20 years of serving the Tanzanian community.
Today, Exim Bank Tanzania, has donated 40 beds and mattresses to the Morogoro Regional Referral Hospital, in Morogoro region.
The Corporate Social campaign dubbed “20 years of taking care of the community” which was launched in August last year 2017 during the banks 20th anniversary has invested heavily into the Tanzanian health care especially when it comes improving the healthcare delivered to women.
ACACIA MINING Q1 PROFIT SLUMP ON LOW OUTPUT
ACACIA Mining revenue for the first quarter of 2018 fell by 33 per cent on lower gold sales due to declined output after reducing operations at its flagship gold mine amid a tax dispute with the government.
Acacia, Tanzania’s largest gold miner, said in a financial statement yesterday that its gold production fell 45 percent in the first quarter from a year earlier to 120,981 ounces, mainly due to lower output at its flagship Bulyanhulu mine which is being transitioned to reduced operations in September 2017, and Buzwagi production being sourced primarily from lower grade ore stockpiles.
The company stuck to its full-year targets, targeting output of between 435,000-475,000 ounces, or at least 38 percent lower than 2017, at a cost of $935-985 per ounce. Gold sales of 116,955 ounces, 37 per cent lower than Q1 2017, slightly below gold produced for the quarter due to the timing of shipments.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the three months to March 31 fell to $44 million (30.99 million pounds) from $82 million a year earlier, it said.
TANZANIA'S SERENGETI NATIONAL PARK VOTED BEST TOURIST CHOICE
Tanzania's second largest National Park, the Serengeti, has beaten South-Africa's famous Kruger National Park in being the continent's most popular tourist destination as per recent survey.
In a poll by Google Surveys for UK-based Africa travel experts 'Tanzania Odyssey,' Serengeti was the safari destination most known by respondents at 44.8 percent, with South Africa's Kruger National Park getting 43.2 percent. Serengeti, which was also described to be easily accessible by road and on air, is famous for its annual wildebeest migration.
The survey, which was conducted this April, also sought to find out what people's idea of going on safari is and what they expected to experience. Nearly 40 percent said they thought they would see enormous exotic animals, such as lions, elephants and giraffes, while 38 percent others said they believed they would encounter wide, open plains.
Sunday, 22 April 2018
STANBIC BANK TANZANIA ENHANCES ITS NON-COMMERCIAL ENTITIES OFFERING
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| Stanbic Bank Tanzania Head of Personal and Business Banking, Brian Ndadzungira (left) hands over an appreciation gift to the Egyptian Embassy representative, Brigadier General Waheed AbdelNasser in Dar es Salaam recently, at a dinner event hosted by the bank to highlight its enhanced Non-Commercial Entities' offering. |
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| Stanbic Bank Tanzania Head of Personal and Business Banking, Brian Ndadzungira (left) exchanges views with the Namibian High Commissioner to Tanzania, Theresia Samaria (centre) in Dar es Salaam recently, at a dinner event hosted by the bank to highlight its enhanced Non-Commercial Entities' offering. On the right is Ugandan High Commissioner to Tanzania, Richard Kabonero. |
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| Stanbic Bank Tanzania Head of Personal and Business Banking, Brian Ndadzungira (right) and Royal Embassy of Saudi Arabia’s Financial Officer, Hamdan Hamad Alkanhal listen attentively to the banks representative highlighting the banks enhanced NCE offering in Dar es Salaam recently. On the table with them are representatives from the Egyptian Embassy, Defence Attache, Brigadier General Waheed AbdelNasser (second left) and Colonel Ahmed Salah Elfar. |
Speaking during the dinner event, the Head of Personal Business Banking (PBB), Brian Ndadzungira said, “we strive to be a one stop shop for organizations by providing a compliment of products and services tailored to the needs of our clients; our offer will have zero monthly management fees, zero fees on incoming transfers, zero monthly statement fees, an effective payment and collection systems to mitigate cash risks, tiered interest rates for USD and TZS accounts, and private banking solutions to Diplomats”.
During the event graced by more than 20 diplomats from different countries,
UBER TANZANIA PARTNERS WITH IDRIS SULTAN AS UBER BRAND AMBASSADOR FOR 2018
2018 Uber Tanzania brand ambassador,Idris Sultan
Dar es Salaam, April 20th, 2018. Uber today officially announced Idris Sultan, as its new Uber brand ambassador in Tanzania for 2018, making Idris the first Tanzanian artiste to be the face of Uber the most popular ride-hailing application in Tanzania.
The comedian, actor and radio host was unveiled during an elegant and exclusive event dubbed #IdrisnaUber that was only open to a few members of the public and media at an upscale, cocktail event held at Akemi restaurant in Dar es Salaam.
“We worked hard to make sure that we chose a relevant and exciting Uber brand ambassador in Tanzania” said Elizabeth Njeri, Marketing Manager for Uber in East Africa.
Idris Sultan is a fun and eccentric artiste who is also well respected in the art scene from comedy, acting and radio hosting.
Idris was also a great fit for Uber because he is locally recognized as a true patriot - he embodies all things Tanzanian and constantly engages with his fans on social media.
All these are qualities that we look for when partnering with brand ambassadors as they go along way in demonstrating that we care for the local needs of our riders and driver-partners in Tanzania.”
Idris Sultan is a fun and eccentric artiste who is also well respected in the art scene from comedy, acting and radio hosting.
Idris was also a great fit for Uber because he is locally recognized as a true patriot - he embodies all things Tanzanian and constantly engages with his fans on social media.
All these are qualities that we look for when partnering with brand ambassadors as they go along way in demonstrating that we care for the local needs of our riders and driver-partners in Tanzania.”
Friday, 20 April 2018
VODACOM YAINGIA UBIA WA KIBIASHARA NA KAMPUNI YA IFLIX
NMB OPENS NEW BRANCH IN MANYONI
Manyoni. The NMB Bank
Plc has opened a branch at Mitundu, Itigi in Manyoni as it brings its services
closer to the people.
This brings the total
number of NMB’s outlets across the country to 216, according to the bank’s head
of Personal Banking, Mr Omari Mtiga.
NMB’s Mitundu branch
is designed to serve residents of Kalangali, Mgandu, Rungwa, Mwamagembe,
Mitundu and other locations close to the area.
GOVT. REFUTES SH1.5TRN LOSS FROM FY-2016/2017 BUDGET
The clarification was made in the ongoing parliamentary session on Friday, April 20, by the deputy minister for finance, Dr Ashatu Kijaji, who said that these were rumours that were being spread by a few individuals who are not truly patriotic to their country.
Dar es Salaam. The government has categorically stated
that there is no loss of Sh1.5 trillion from the budgeted funds for the 2016/17
financial year as it is being claimed through the media.
The clarification was
made in the ongoing parliamentary session on Friday, April 20, by the deputy
minister for finance, Dr Ashatu Kijaji, who said that these were rumours that
were being spread by a few individuals who are not truly patriotic to their
country.
ACACIA, INVESTORS IN TALKS ON POSSIBLE JOINT VENTURE
The company, which operates North Mara, Buzwagi and Bulyanhulu gold mines in Tanzania, is reportedly negotiating with China’s Shandong Gold Mining Co Ltd, Zijin Mining Group Co Ltd and with state-owned China National Gold Group for a possible joint venture.
Dar es Salaam. Acacia
Mining Plc reiterated on Thursday that it was still discussing with Chinese
investors for a possible investment deal in one or more of the firm’s mines in
Tanzania.
The company, which
operates North Mara, Buzwagi and Bulyanhulu gold mines in Tanzania, is
reportedly negotiating with China’s Shandong Gold Mining Co Ltd, Zijin Mining
Group Co Ltd and with state-owned China National Gold Group for a possible
joint venture.
Thursday, 19 April 2018
DIAMOND BANK NAMED BEST RISKTAKER INSTITUTION
THE Country Manager and CEO of DTB-Tanzania, Mr Viju Cherian receives the certificate of recognition for “The Best Risk Management Corporate of the year 2017” from the Internal Auditor General of Tanzania, Mr Mohamed Mtonga during the second graduation ceremony of The Institute of Risk Management Tanzania (IRMT) in Dar es Salaam recently. (Photo: courtesy of DTB)
DIAMOND Trust Bank has emerged the top financial institution with best risk management portfolio in the country.
DIAMOND Trust Bank has emerged the top financial institution with best risk management portfolio in the country.
The bank won the top award dubbed “The Best Risk Management Corporate of the year 2017” for financial institutions with asset exceeding 1.0tri/- issued by the Institute of Risk Management Tanzania (IRMT).
Wednesday, 18 April 2018
KAMPENI YA FURAHIA KANDANDA KUWAPELEKA WATEJA WA CRDB KUSHUHUDIA KOMBE LA DUNIA
Mkurugenzi wa Masoko, Utafiti na Huduma kwa Wateja wa Benki hiyo Bi. Tully Esther Mwambapa
Benki ya CRDB imetangaza kuanza rasmi kwa kampeni ijulikanayo kama “Furahia kandanda murua nchini Urusi” #TwenzetuRussia, itakayowawezesha watumiaji wa kadi za malipo za TemboCard Visa za Benki hiyo kujishindia safari ya kwenda kuangalia mechi za michuano ya kombe la Dunia zitakazofanyika nchini Urusi, kuanzia mwezi Juni mwaka huu.
Akizungumza na waandishi wa habari ofisini kwake jijini Dar es Salaam leo, Mkurugenzi wa Masoko, Utafiti na Huduma kwa Wateja wa Benki hiyo Bi. Tully Esther Mwambapa, alisema kuwa Benki ya CRDB imeanzisha kampeni kwa kushirikiana na kampuni ya Visa International ili kutoa fursa kwa wateja wake kwenda kushuhudia fainali hizo, ambazo huvutia hisia za watu wengi dunuani kote.
SHILLING STRUGGLES AS PRESSURE MOUNTS
THE shilling sunk to a new low level in yesterday trading as it continued to struggle under intense pressure from US dollars.
The local currency reached as low as 2,285/- against the US dollar prompting market players to delay trading in forex in the hope that the spike would slow down to lower levels, according to CRDB market highlight report.
However, it eventually settled at 2,255/- against a greenback as market players seemed to be worried on the trend of the local currency and hence stayed away from trading due to high prices of the US dollar.
The long standing mismatch between the demand and supply continues to be the reason behind the local unit’s deprecation against the US dollar index.
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