Tuesday, April 21, 2015
THE shilling has weakened to fresh record lows due to a myriad of challenges, including US dollar strengthening and fears associated with general election risks in October.
The local currency depreciated to lowest levels after it crossed the 1,900/- mark for the first time since the shilling was introduced some 50 years ago.
CRDB Bank says the shilling ended the last week on a wrong footing opening at 1900/1910 and closing at 1910/1920 ‘a record breaking’ levels against the US dollar - a major trading currency in the country.
The bank, the second largest in the country, says the shilling was still under a compounded pressure as there is little inflow of the greenback.
“The local currency is still under pressure due to little currency inflows and high demand,” the bank says on its daily Markets Highlights.
On a previous week, Friday-to-Friday basis, according to CRDB, the shilling depreciated by 60/- compared to the previous Friday trading of 1850/1860 against the US dollar.
Prof Honest Ngowi, an economics lecturer with Mzumbe University, said the shilling is affected by a number of variables ranging from poor export inflows, donors’ money and general election uncertainty.
“I haven’t seen the (shilling) figures but election factor should not be ruled out - as people are storing their value of money in foreign currency to avert (October’s) election risks,” Prof Ngowi said.
He said the central bank should intervene to cool off the market demand as shilling depreciation has far-reaching effect on the economy as a whole, since the country is a net importer.
“The depreciation will increase inflationary pressure as prices of imported goods price are going to shoot up,” Prof Ngowi said.
The inflation increased by 0.1 percentage point to 4.3 per cent in March, from 4.2 per cent recorded in February.
In this year’s first quarter, the shilling slid down some 5.0 per cent, driven mostly by the strengthening of the US dollar against major currencies, to 1,795/08 as recorded by Bank of Tanzania (BoT).
Meanwhile, the Kenyan shilling lost ground against the dollar and remained stuck at three-year lows on Monday, due to demand for the US currency by corporate customers.
At 0700 GMT, commercial banks posted the shilling at 93.60/70 - near levels last seen in November 2011 - down from Friday’s close of 93.40/50.
Chris Muiga, a trader with National Bank of Kenya, said the local currency was, however looking oversold, meaning it could attempt a correction.
“We might retrace in the coming days,” he said. The shilling is down 3.54 per cent against the greenback so far this year.
The dollar’s global strength has also put pressure on the shilling over the past several months, while Kenya’s main foreign currency earners have been floundering.
Tourism has been affected by reduced earnings owing to militant attacks in the country and horticulture, while poor rains have hurt the agriculture sector
Subscribe to:
Post Comments
(Atom)
TOKOMEZA MAUAJI YA ALBINO
My Blog List
-
Wataalam wajadili namna salama ya kukabili hali ya hewa, mabadiliko ya Tabianchi - Na Mwandishi Wetu, Arusha WATAALAM wabobezi katika sayansi ya Mabadiliko ya Hali ya Hewa na Tabianchi wamekutana jijini Arusha katika kongamano la siku...42 minutes ago
-
Wataalam wajadili namna salama ya kukabili hali ya hewa, mabadiliko ya Tabianchi - Na Mwandishi Wetu, Arusha WATAALAM wabobezi katika sayansi ya Mabadiliko ya Hali ya Hewa na Tabianchi wamekutana jijini Arusha katika kongamano la siku mo...42 minutes ago
-
JAJI MAHAKAMA KUU ALISHAURI BARAZA MASOKO YA MITAJI KUWA HURU ,KUTENDA HAKI KATIKA KUTEKELEZA MAJUKUMU YAO - Na Mwandishi Wetu,Michuzi TV JAJI wa Mahakama Kuu Dodoma Amiri Mruma amelishauri Baraza la Masoko ya Mitaji kuhakikisha kuwa linajisimamia kwa uhuru katika...
1 hour ago -
KIA Sportage R Review: Specs, Features, and Performance Breakdown - The KIA Sportage R, produced from 2010 to 2015, is a compact SUV known for its stylish design, improved ride quality, and modern features. With KIA’s sig...8 hours ago
-
NELSON MANDELA NA TMA KUWAJENGEA UWEZO WATAALAMU WA HALI YA HEWA KUPITIA TEKNOLOJIA YA AKILI MNEMBA - Makamu Mkuu wa Taasisi ya Afrika ya Sayansi na Teknolojia ya Nelson Mandela Prof. Maulilio Kipanyula (kulia) na Kaimu Mkurugenzi Mkuu wa Mamlaka ya Hali y...
20 hours ago -
Elimu : Nelson Mandela na TMA Kuwajengea Uwezo Wataalamu - Makamu Mkuu wa Taasisi ya Afrika ya Sayansi na Teknolojia ya Nelson Mandela Prof. Maulilio Kipanyula (kulia) na Kaimu Mkurugenzi Mkuu wa Mamlaka ya Hali ...
20 hours ago -
KIWANJA CHA NDEGE SUMBAWANGA CHAFIKIA ASILIMIA SITINI YA UJENZI. - Ujenzi wa Kiwanja cha Ndege cha Sumbawanga umefikia asilimia sitini ya utekelezaji wake. Taarifa hiyo imetolewa mbele waandishi wa habari leo Machi 26, 20...
.JPG)
1 week ago -
Majina ya Blog Zinazoanzia na Herufi ya V - *1. VOA Sauti ya America * www.voaswahili.com *2. Vijimambo* lukemusicfactory.blogspot.com4 weeks ago
-
Habari kubwa Magazetini Kenya leo March 3, 2025 - Good Morning Mtu wangu wa nguvu kutoka Tanzania March 3, 2025,nakukaribisha kutazama kile kilichoandikwa katika kurasa za mbele na za nyuma Magazetini ke...4 weeks ago
-
Dog House Megaways: Slot Gacor dengan Kemenangan Besar - Pendahuluan Dog House Megaways dari Pragmatic Play adalah salah satu game slot online gacor yang populer di kalangan pemain karena fitur Megaways yang me...5 months ago
-
ZANZIBAR: UBALOZI WA NORWAY TANZANIA WAIPONGEZA TAMWA-ZNZ UTEKELEZAJI MRADI WA SWIL. - *Maafisa Ubalozi wa Norway wakiwa katika picha ya pamoja na baadhi ya wafanyakazi wa TAMWA-ZNZ mara baada ya kumaliza mazungumzo katika ofisi zilizopo Tu...
2 years ago -
AUDIO | Harmonize - Kushoto Kulia | Download - *DOWNLOAD* Listen to Harmonize - Kushoto Kulia byDJ Mwanga on hearthis.at
5 years ago -
Ufafanuzi wa TCRA kuhusu kuondoa chaneli za runinga zinazotazamwa bila kulipia (FTA) kutoka ving'amuzi vya Azam, Multichoice na Zuku - Mamlaka ya Mawasiliano (TCRA) imefafanua kuhusu kuondoa Channel za Televisheni za ndani zinazotazamwa bila kulipia (FTA) kutoka Ving’amuzi vya Azam, Multic...
6 years ago -
KAMPUNI YA ORYX GAS YAJIVUNIA KUWA RAFIKI WA MAZINGIRA - Na Emmanuel Masaka,Dar. KAMPUNI ya mama katika usambazaji na uuzaji wa gesi ya ORYX nchini ijulikanayo kama ORYX ENERGIES LTD imekuwa mstari wa mbe...
6 years ago -
MSANII ROSE MUHANDO: SIOGOPI WANAONISEMA VIBAYA - Rose Muhando. STAA wa nyimbo za Injili, Rose Muhando amefunguka kuwa, haogopi watu wanaomsema kwa ubaya kila kona bali anaangalia kile kilichomsababisha ku...7 years ago
-
VIDEO: SNURA AONGELEA KUFANYA KAZI NA DON JAZZY..! - Kila mtu alilipokea kwa style yake hili suala la mtayarishaji na msanii mkubwa wa muziki barani Afrika *Don Jazzy *kujirecord video akiimba wimbo wa Chura ...
8 years ago -
PIKIPIKI YAZUA HOFU BAADA YA KUTELEKEZWA MWAKA MZIMA JIJINI DAR ES SALAAM, UKIIKARIBIA, IKIIGUSA INAJIWASHA POLISI WAGWAYA KUIPELEKA KITUONI - Mwananchi akipita kwa kuikwepa pikipiki yenye namba za usajili T 684 CJZ aina ya Fokon iliyotelekezwa kwa zaidi ya mwaka mmoja katika Kituo cha waendesha...
8 years ago -
-
MATUKIO MBALI MBALI YA ZIARA YA KAMPENI ZA MGOMBEA URAIS WA UKAWA KUPITIA CHADEMA KATIKA JIMBO LA HAI, MKOANI KILIMANJARO - *Mgombea Urais wa Tanzania wa UKAWA kupitia Chama cha Demokrasia na Maendeleo (CHADEMA), Mh. Edward Lowassa akipokelewa na Mgombea Ubunge wa Jimbo la Hai ...
9 years ago -
Bunge Lamkingia Kifua Zitto Kabwe......Lasema Bado ni Mbunge Halali na Spika wa Bunge ana Mamlaka Kisheria Ya Kutengua Maamuzi ya CHADEMA - Ofisi ya Bunge imesema haijapata barua yoyote kuhusu kuvuliwa uanachama kwa Mbunge wa Kigoma Kaskazini, Zitto Kabwe (Chadema). Kauli ya hiyo ya Bunge im...
10 years ago -
MAPACHA 6 WALIOZALIWA MWAKA 1983 NCHINI UINGEREZA SASA NI WAKUBWA NA WAMENZA KUWA NA FAMILIA ZAO - * Bwana Na Bibi Grahan Walton wakiwa na mabinti wao sita pamoja na mjukuu wao* * Mapacha hao wa kike wakati wana miaka mitano (Kushoto kwenda kilia) Luci...
10 years ago -
New Song WAKAZI-BIGGIE - Download Here - *Wimbo mpya kutoka kwa Wakazi - Biggie* www.aloyson.com
10 years ago -
-
0 comments:
Post a Comment