Petition: Beno Ndulu should resign!

[erique]

My friends, the Bank of Tanzania has completely failed to stop the rapid depreciation of the shilling! Leo shilling trading at 1720! Shame!

In addition, as the head of the central bank should be held responsible for all the IPTL transactions.

He has failed as a Governor to maintain price stability and haa been involved in the IPTL saga.

It time for him to go!

I believe you are not very well informed about the IPTL saga. Please, revisit your understanding on the meaning of ESCROW account.

 

[Kiranga]

You need to come up with a better plan than a simple rally for someone to resign.

Kama gavana anaambiwa tu na rais, anachota hela kama anavyoambiwa, akijiuzulu na kuja mwingine, what is to stop the same game from going on?

 

[Fx Trader]

Kiranga- what do you suggest?
Erique-its seem all of us have no understanding except you. Seems like you one of the one who has benifited from it.No doubt the report is being delayed!

 

[Fx Trader]

The prices have been dropping since June by over 30%! Have the fuel prices in Tanzania even dropped by 15%??

 

[Fx Trader]

Mr FX Trader

The shilling depreciation has nothing to do with the governor. The US dollar is stronger globally at the moment following the end of Quantitative Easing by the Fed last month. The market is now factoring in interest rises in the US any time next year, investors are therefore buying the US dollars and therefore increasing demand and hence the price.You can check the trend in the Japanese yen,eur, GBP etc against the dollar and you can see they are all weakening,even Uganda and Kenya shilling are all weaker against the dollar for the same reasons.

Another reason for the weaker shilling is the recent decision by the donors to withhold the budget support funds approximate USD500Million following IPTL scandal. Remember part of these funds is used by the BOT to supply US dollars to the interbank market in order to control money supply and ensuring stability in the exchange rate. It is therefore obvious that if the donors are not giving out the funds, the Bank of Tanzania will have less US dollars to supply and at the same time business community and importers will prefer buying dollars now than later
and as a result the price for the US dollars keeps going higher .

Do you still want to blame governor?

Brother. Please refer to my previous posts. But just to brief you. You cannot not entirely compare the fundamentals of Kenya and Uganda with Tanzania. One of the main causes of depreciation in these countries was the sell off bonds and equities by foreign investors which was not the case in Tanzania. Second in kenya specifically tourism inflows have dropped drastically. In Tanzania according to the Bank of Tanzania report , tourism earning reached a record high of Usd 2b.

Tanzania main export earnings have dropped but not sharply or drastically. I.e. Gold.

On the IPTL issue even if you assume that that BoT is not responsible, than it is the Bank of Tanzania responsibility to regulate the market and if need so intervene. They Boost of 4.5 month of reserves where are they? Kenya and Uganda both used their reserves to stabilise the mkt why not Tanzania? Ndulu only likes to compare the negative aspects of the kenyan and ug economies.

In the absence of no foreign aid BoT will stop regulating the market? !


NDULU IS TO BLAME! WHAT HAS HE DONE TO SLOW DOWN THE DEPRECIATION?

 

[UngaUnga]

......

 

[HNIC]

Magu hathubutu kupagusa BOT