BY DIRAMAKINI
THE Bank of Tanzania (BoT) has participated in the Interbank Foreign Exchange Market (IFEM) in accordance with its 2023 Foreign Exchange Market Participation Policy, as part of ongoing efforts to enhance liquidity in the foreign exchange market.
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During this operation, the bank sold USD 15.00 million through a competitive auction at an average exchange rate of TZS 2,587.85 per US dollar.The objective of the auction was to boost liquidity and support stability in the foreign exchange market.
According to the auction results, the announced amount was USD 15.00 million, while total bids submitted reached USD 21.50 million, reflecting an oversubscription of USD 6.50 million. However, the accepted amount remained at USD 15.00 million as planned.
The highest bid rate recorded during the auction was TZS 2,596.57 per US dollar, while the lowest bid rate was TZS 2,552.06.
Regarding the accepted bids, the highest accepted rate stood at TZS 2,596.57 and the lowest accepted rate at TZS 2,582.00 per US dollar. A total of 25 banks participated in the auction, of which 18 were successful.
