BY DIRAMAKINI
THE Bank of Tanzania (BoT) has sold USD 14.75 million through the Interbank Foreign Exchange Market (IFEM) auction in line with its 2023 Foreign Exchange Market Participation Policy.
According to a public notice issued by the Directorate of Financial Markets of the Bank of Tanzania (BoT), the sale was conducted through a competitive bidding process at a weighted average exchange rate of TZS 2,582.08 per US dollar. The objective of the auction was to enhance liquidity in the foreign exchange market.
The amount announced for sale was USD 15.00 million, while total bids submitted reached USD 25.25 million. However, the Bank accepted USD 14.75 million.
The highest bid rate recorded during the auction was TZS 2,592.50 per dollar, while the lowest bid rate stood at TZS 2,570.00. The highest accepted rate was TZS 2,592.50 and the lowest accepted rate was TZS 2,580.00.
A total of 28 banks participated in the auction, of which 18 were successful.
