The Tanzanian shilling has rallied to a ten-month high against the US dollar, with the Bank of Tanzania (BoT) quoting it at trading at Sh2,513.09 per dollar yesterday as it extended gains that began in early October.
According to BoT Governor Emmanuel Tutuba, this upward trend is expected to continue until February 2025, driven by increased exports, tourism growth, and reduced imports, with the currency appreciating from Sh2,721.68 per dollar on October 4 to Sh2,716.48 and Sh2,620.57 by October 23 and November 23 respectively.
The currency's strength is attributed to multiple factors, including the Export Guarantee Scheme launched in June 2023, which has boosted agricultural exports and domestic production, along with increased trade volumes and reduced imports of certain products.
