Currency crises: Are we heading the Russian way?

[Fx Trader]

Hi Friend

Your thoughts on the rapid depreciation of the shilling against the US dollar. All EA currencies have depreciated against the USD dollar sine the beginning of the year. Tanzanian currency is the worse performer

1. Tanzanian Shilling has depreciated by over 6%
2. Kenyan Shilling has depreciated by 1.2%
3. Ugandan Shilling has deprecated by 4%


In addition, Kenyan and Uganda Central Banks have intervened to slow down the deprecation. Why not Tanzania? at an average of 6% per month we will be one of the worse performing currencies in the world! God bless Tanzania!

 

[Zungu Pule]

What are the actions taken by Kenya and Uganda Central Banks? And against which source(s) of currency depreciation? What is causing TZ shilling depreciation against USD? A weaker currency against the USD is not necessarily a bad thing. We are feeling the pain because Tz is a net importer.

 

[Abunuas]

hivi yule professor anafanya nini pale BOT?

Hi Friend

Your thoughts on the rapid depreciation of the shilling against the US dollar. All EA currencies have depreciated against the USD dollar sine the beginning of the year. Tanzanian currency is the worse performer

1. Tanzanian Shilling has depreciated by over 6%
2. Kenyan Shilling has depreciated by 1.2%
3. Ugandan Shilling has deprecated by 4%


In addition, Kenyan and Uganda Central Banks have intervened to slow down the deprecation. Why not Tanzania? at an average of 6% per month we will be one of the worse performing currencies in the world! God bless Tanzania!

 

[Fx Trader]

well if you follow the news carefully. Kenya and Uganda have sold dollars in the market. Since they are net importers like us they know that a rapidly depreciating currency is bad for the economy in terms of inflation etc. A gradual depreciation is not a bad thing because it can make our exports competitive. However, a rapid depreciation leads is negative for any economy because it can lead to financial instability (deposits being converted into hard currency).

Historically, we know that Bank of Tanzania is always reactive rather than proactive

 

[Fx Trader]

Bunch of Incompetent scholars! They only thing the are good at is stealing.

 

[Zamiluni Zamiluni]

Bei ya leo imefikia TzS. 1,825/- kwa dollar !!!

 

[Fx Trader]

My friend, escrow and CCM has killed the economy! Let the President take his sweet time!

 

[Chungurumbira]

Mchumi daraja moja yuko wapi??? CCM ukoo wa makoikoi tu!! Adam malima wapi? Saada mkuya wapi?? Kikwete yuko wapi??? Nec ya CCM iko wapi??? the full organ ya CCM iko wapi??

 

[Maundumula]

Leo Dollar imeshafikia 1805 kutoka 1600 ilipokuwa miezi kama 3 nyuma.

Ni shida

 

[Fx Trader]

The sad part is that there is no action or statement from Bank of Tanzania or the MoF, very very sad indeed! We will feel no significant impact in the fall of oil prices!. The deputy MoF has started to campaign instead of tackling the real issues.

 

[Entim]

What are the actions taken by Kenya and Uganda Central Banks? And against which source(s) of currency depreciation? What is causing TZ shilling depreciation against USD? A weaker currency against the USD is not necessarily a bad thing. We are feeling the pain because Tz is a net importer.

Sure, Tz is a net importer of gold, tanzanite, cotton, sisal, cashewnut, fish, etc.....etc.....etc....net importer yes net importer as you have said....over.

 

[Mfikirishi]

What do you expect for a country that imports everything including Chinese street hawkers (machingas)??
Don't dare to compare Tz with the Russia... be as it may...they are by far better than us...

 

[Entim]

My friend, escrow and CCM has killed the economy! Let the President take his sweet time!

Sweetest moment...

 

[Fx Trader]

atleast the Russian Central Bank took some action. Sisi kimya tu. Plus the speed of depreciation is extremely worrying. A sign of incompetent leadership at all levels. Actually, since oil prices have dropped by more than 50% the demand for USD should drop too. But its the Escrow effect!

 

[Ze General]

Tanzania eeeeeeee nchi yangu ooooooo

 

[Fx Trader]

Serikali ya wezii! Bye bye CCM! To protect a Singh . Kikwete took the country to dogs!

 

[bona]

Cv ya wazir wa fedha yule mama tunaijua what do you expect???? mtu amesoma vyuo vya kuunga unga kama vya kule bugurun kwa mnyaman mnategema ataelewa mambo ya depreciation!!!

 

[Fx Trader]

They are all incapable of leading this country. Bunch of failures!

 

[Zungu Pule]

Sure, Tz is a net importer of gold, tanzanite, cotton, sisal, cashewnut, fish, etc.....etc.....etc....net importer yes net importer as you have said....over.

Sorry, I don't follow you. This is a question of macroeconomics, and one has to look at the economy as a whole.

 

[999]

Fx Trader kuna mtu anaitwa faiza foxy atakuja kukanusha hii kitu.
Hata escrow alisema hakuna wizi pale, JK akasema hela SI za umma cha kushangaza watu wanawajibishwa na kufikishwa mahakamani