BY DIRAMAKINI
THE Bank of Tanzania (BOT) has sold USD 45.00 million in the Interbank Foreign Exchange Market (IFEM) through an auction, with a weighted average exchange rate of TZS 2,449.80 per USD, as part of its efforts to provide liquidity and maintain exchange rate stability, according to its Foreign Exchange Intervention Policy, 2023.
This intervention aims to smooth out short-term volatility in the foreign exchange market and support economic growth.
The auction is part of the BoT's ongoing efforts to ensure stability in the Tanzanian shilling and promote a smooth functioning of the foreign exchange market.
"In this intervention, the Bank sold USD 45.00
million through an auction at a weighted average exchange rate of TZS 2,449.80 per USD. This auction intended to provide liquidity in the foreign exchange market."
