BY DIRAMAKINI
THE Bank of Tanzania (BoT) has intervened in the Interbank Foreign Exchange Market (IFEM) by selling USD 15.75 million through a competitive auction, in line with its Foreign Exchange Intervention Policy of 2023. The move aims to enhance liquidity and support stability in the foreign exchange market.
According to a public notice issued by the
Directorate of Financial Markets at the Bank of Tanzania (BoT), the auction was conducted at a weighted average exchange rate of TZS 2,572.56 per US dollar.
The Bank had initially offered USD 15 million to the market. However, total bids submitted by participating banks reached USD 27 million, indicating strong demand for foreign currency. Out of the total bids received, USD 15.75 million was successfully allocated.
Auction results show that the highest and lowest bid rates were TZS 2,580.00 and TZS 2,560.00 per US dollar, respectively. The highest and lowest accepted bid rates were TZS 2,580.00 and TZS 2,570.00 per US dollar.
A total of 30 banks participated in the auction, with 18 banks successfully securing allocations.
