‘No reason to panic’ says central bank

‘There is no reason to panic’ says central bank after foreign exchange market rates showed the shilling had dropped to nearly 2,500 TSH per USD. Photo: Daniel Hayduk

The Bank of Tanzania has issued a press release saying the shilling has not depreciated to nearly 2,500 TSH per 1 USD.

“Around 6:30 p.m. [Friday, November 3], Bloomberg showed that the shilling had depreciated to 2,481.83 per USD—which was not correct,” says a press release posted to the Bank of Tanzania website.

“There is sufficient stock of foreign exchange reserves and therefore, there is no reason to panic.”

The Bank of Tanzania states that by close of foreign exchange markets on Friday, the shilling was trading between TZS 2,246.50 TSH and 2,247.60 TSH per USD.

The statement says ‘some contributors’ at Bloomberg entered incorrect data and have ‘[begun] to make corrections.’

However, rates posted on reputable forex websites such as OANDA and XE.com still show the currency drop in relation to other currencies, including the Euro and British Pound.

Online forex rates show a the shilling rate falling against the USD, pictured, and other currencies. The Bank of Tanzania says it is due to incorrect data entered into the system and there is no reason to panic.

As of Saturday afternoon, November 4, the Bloomberg Markets website now shows the shilling at 2,234 TSH per USD.

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