BLBG:Tanzania Shilling Gains 1st Day in Five as Miners Supply Dollars
Tanzania’s shilling climbed for the first time in five days against the dollar as mining companies converted holdings of the greenback to make payments.
The currency of East Africa’s second-biggest economy gained as much as 0.9 percent to 1,624.5 per dollar, the most since Aug. 22, and traded up 0.2 percent at 1,638.5 by 1:04 p.m in Dar es Salaam, the commercial capital.
“We have had inflows of dollars mainly from the mining sector this morning which explains the appreciation of the shilling,” Zainul Chandoo, head treasurer of Stanbic Bank Tanzania Ltd., Standard Bank Group Ltd.’s local unit, said by phone from Dar es Salaam. “We also had some inflows from non- governmental organizations today.”
Tanzania vies with Mali to be Africa’s third-biggest producer of gold after Ghana and South Africa and has the world’s only known deposit of tanzanite, a rare gem.
To contact the reporter on this story: David Malingha Doya in Dar es Salaam via Johannesburg at at asguazzin@bloomberg.net
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net
