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- Nov 20, 2010
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Oct. 7 (Bloomberg)- Tanzanias shilling is headed for the biggest weekly drop this year as manufacturers buy dollars to fund imports.
The currency of East Africas second biggest economy fell 1.1 percent to 1,707.50 as of 1:42 p.m. in Dar es Salaam, the commercial capital, bringing its weekly decline to 2.7 percent, the most since the week ended Dec. 31. The shilling fell to 1,714.5 earlier today, its lowest level since October 1994. The currency has declined for 12 consecutive weeks, according to data compiled by Bloomberg.
There has been significant demand today from the manufacturing sector, said Zainul Chandoo, head of Treasury at Stanbic Bank Tanzania Ltd., a unit of Johannesburg-based Standard Bank Group Ltd., in an interview in Dar es Salaam.
--Editors: Antony Sguazzin, Emily Bowers
To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net
The currency of East Africas second biggest economy fell 1.1 percent to 1,707.50 as of 1:42 p.m. in Dar es Salaam, the commercial capital, bringing its weekly decline to 2.7 percent, the most since the week ended Dec. 31. The shilling fell to 1,714.5 earlier today, its lowest level since October 1994. The currency has declined for 12 consecutive weeks, according to data compiled by Bloomberg.
There has been significant demand today from the manufacturing sector, said Zainul Chandoo, head of Treasury at Stanbic Bank Tanzania Ltd., a unit of Johannesburg-based Standard Bank Group Ltd., in an interview in Dar es Salaam.
--Editors: Antony Sguazzin, Emily Bowers
To contact the reporter on this story: David Malingha Doya in Dar es Salaam at dmalingha@bloomberg.net
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net