Tanzania currency hits all time low

M

Mdondoaji

JF-Expert Member
Mar 17, 2009
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DAR ES SALAAM, TANZANIAThe Tanzania Shilling depreciation has reached an all time low since independence some 50 years ago, but the Bank of Tanzania (BoT) says it has no plans to intervene.

The BoT has attributed the free fall mainly to the strengthening of US dollar at international level, and the demand and supply following increasing oil prices due to Arab world unrest.

The Tanzania Shilling, though opened the year on the stronger note, began losing ground rapidly at the end of last month to trade last between Tshs 1,510 and Tshs 1,520 per US dollar in the bureaux de change. The BoT official rate indicates that the Shilling has depreciated by almost 3.0 % from 1,440/45 to 1,481/74 per US dollar of mid last week. The local currency also lost ground to other stronger currencies at Tshs 2,378/48 from 2,239/04 per UK pound, while the Euro exchanged at Tshs 2,063/02 from 1,914/93 per Euro currency.

The BoT Director for Economic Research and Policy, Dr Joe Masawe, admitted last week that the shilling slid in the recently past, but the "situation is not on the alarming tone."

The depreciation "is purely on demand side" following the increasing oil bill as prices went up due to middle east unrest, Dr Masawe said.

He said the demand for the US dollar increased rapidly because the demand for dollar increased but stressed the Central Bank had no plans to intervene in the foreign exchange market. "BoT only intervenes when the market is distorting the exchange rates (due to speculation)," the Director said.

He added, "to intervene now will not paint the true exchange vale of the shilling, and that is not proper… The shilling is currently trading at the true value as the demand exceeds supply."

An economist with the Confederation of Tanzania Industries (CTI), Hussein Kamote, said the Shilling is currently compounded with a number of factors that dragged down its exchange power.

"The costs of importing oil and productions have gone up in recently days," adding that some manufacturers are forced to use thermal power to which is expensive which adds insult to the already rising power bills and power rationing.

Early this year, BoT Governor Prof. Benno Ndulu said the shilling's depreciation should not always be looked as a bad thing as it helps the country to export more.

"I know importers will feel the pitch, but we have to balance the two to reach a level where we will not harm the economy," Prof Ndulu remarked.

Source: East African Business Week.

Mtazamo wangu:

Mungu ibariki nchi yetu hivi hizi dollarisation tulizonazo Tanzania hawaoni impact yake tu. US dollar ina-demand kubwa nchini kushinda Tshs kwasababu mikataba mingi Tanzania siku hizi inafungwa kwa dola, kodi za nyumba zinalipiwa kwa dola, biashara zinafanyika in dollars. Tshs inatumika katika vitu ambavyo havina impact katika uchumi.
 
Today's Tsh. value is higher than Its Tomorrow's value. In other words "the all time low" is yet to be hit.
 
hivi kwa nini kila siku wanapenda kusingizia matukio mengine kwa kushuka kwa uchumi wetu?.....mara sijui mtikisiko wa uchumi wa dunia....mara sasa eti unresti ya uarabuni.....utasikia sasa hivi kuwa....tetemeko la ardhi japan nalo linasaidia..

yaani kila likitokea janga sehemu BOT ndio wanasingizia linasababisha kushuka kwa uchumi....hatutaendelea kwa mwendo huu.
 
na hili ndio linalotukwamisha kwani kushuka kwa shilingi kunaendana mojakwamoja na mfumuko wa bei,hapa inaonesha jinsi gani tulivyokuwa na poor fiscal and monetary policy,na bado hawa wapuuzi wakija wanatuambia uchumi wetu unakuwa,sasa unakuwa kwakutegemea vigezo vipi?
"Maendeleo katika nchi yapimwe kwa kuangalia watu na sio vitu" sasa sisi tunaangalia vitu kama barabara,kuongezeka foleni nk,Pumbavu kabisa wanaoleta siasa katika mambo ya msingi,CCM tuachieni nchi yetu jamani mtatumaliza......
 
Zegreaty said:
Pumbavu kabisa wanaoleta siasa katika mambo ya msingi,CCM tuachieni nchi yetu jamani mtatumaliza......
Click to expand...

Ndugu yangu Zegreaty, Puguza maneno makali kwani ni kweli inauma kuona nchi yetu inaendelea kuwa nyuma ki maendeleo, lakini tukitumia maneno hayo haisaidii, tujenge hoja na tufanye kazi ya kuleta mabadiliko kwa nchi hii kukataa kile tunachoona hakifai. Wezetu huandamana hata kama bei ya kitu imeongezeka kwa dola moja tu! na hawakubaliani na hilo ongezeko bila kuwa na maelezo ya kutosha. Nasi tuige utamaduni huo,
Mkulo na Ben Ndulu wanatudaganya kila siku kuhusu hali ya uchumi wetu na sie tumekaa kimya tu, tuwaambie hapa mmetudanganya kwa hili. Mambo hayako hivyo, ila yako hivi.
 
Zegreaty said:
na hili ndio linalotukwamisha kwani kushuka kwa shilingi kunaendana mojakwamoja na mfumuko wa bei,hapa inaonesha jinsi gani tulivyokuwa na poor fiscal and monetary policy,na bado hawa wapuuzi wakija wanatuambia uchumi wetu unakuwa,sasa unakuwa kwakutegemea vigezo vipi?
"Maendeleo katika nchi yapimwe kwa kuangalia watu na sio vitu" sasa sisi tunaangalia vitu kama barabara,kuongezeka foleni nk,Pumbavu kabisa wanaoleta siasa katika mambo ya msingi,CCM tuachieni nchi yetu jamani mtatumaliza......
Click to expand...

Mkuu,

Najua una hasira sana ila punguza ukali wa maneno kidogo. Hao sio wapumbavu bali mafisadi wanaofukia matatizo ya msingi kwa vigezo visivyo na msingi. Wanapodai kuwa currency inakuwa affected na demand for dollar wanasahau who created the demand in the first place? wao wenyewe. Kuna wakati tulipigia kelele suala zima la dollarisation in Tanzania na impact yake katika uchumi ila hakuna mtu aliyeliona au kulipa uzito. Siku hizi imekuwa kitu cha kawaida katika makampuni makubwa kulipa wafanyakazi wao in terms of us dollar iko wapi demand ya pesa yetu? Mikataba mikubwa ya serikali inakuwa valued in terms of us dollars na serikali inakubali matokeo ni kwamba us dollar inakuwa inahitajika zaidi serikalini na thamani yetu ya shillingi inashuka iko wapi thamani ya shillingi yetu? Ukitaka kukodi appartment au nyumba dar au Arusha siku hizi ni dollar kwenda mbele hawataki madafu, iko wapi thamani ya shillingi yetu? Shule zetu baadhi yao wanacharge in terms of us dollar badala ya shillingi iko wapi shillingi yetu??

Yaani shillingi imekosa matumizi kabisa na ndio maana inashuka thamani kila kukicha na hapo bado hatujagusia ufisadi ndio kabisa unaweza kupatwa na kiharusi kwani mfano mdogo tu tazama thamani ya dollar ilivyopanda kipindi cha ufisadi wa EPA?

Inasikitisha kuwa linapotokea tatizo serikali yetu badala ya kulitatua wanatafuta sababu za kuelezea kwanini hilo ni tatizo kwa maana nyengine hawana njia ya kulitatua.
 
Our economy seems to be spiralling out of control, ingawa wataalamu wetu bado wana maneno matamu kwamba ukuaji wa uchumi sio mbaya (i.e wastani wa asilimia 6.5-7), inflation bado iko kwenye single-digit and all that jazz; but kiukweli ukingalia hali ya watu on the ground, things are not so rosy..
 
Kwa uzushi hawa jamaa wa BoT ndio wenyewe sasa kama ni kwa ajili ya demand ya dollar mbonaT/sh inashuka thamani hata kwenye sarafu zingine?

Wamechapisha mihela kwa kuwa walihishiwa na huo ndio mchango mkubwa wa kushusha thamani, waache longo longo tu kama mafuta yakipanda yana impact gani kwenye oil prices and exchange rate, i dont think that has anything to do with the currency depreciation. Ukweli ni kwamba donors are not happy with printing extra money, whenever you do that, the size of the debt increases to reflect the new value na ndio maana hela inshuka thamani ukilinganisha na sarafu zote duniani. As a result inflation is inevitable.
 
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