By BUSINESS REPORTER
THE Tanzanian shilling is expected to gain ground against the dollar in the days ahead, buoyed by inflows from the tourism and agriculture sectors and subdued demand for the greenback.
Commercial banks in Dar es Salaam quoted the shilling at 1,574/1,579 to the dollar on Thursday, stronger than 1,572/1,582 a week ago.
"We have seen a lot of inflows from corporate clients, especially from tourism," said Hamisi Mwakibete, head of trading at Commercial Bank of Africa, Tanzania. "There are also some inflows from the agriculture sector with the ongoing cotton season, although it is not (at its) peak yet."
Traders said they expect the shilling to trade in the 1,570-1,580 range in the coming days.
"The central bank has been present in the market, selling dollars to ensure the shilling continues to strengthen. We expect this trend to continue going forward," said Theopistar Mnale, a trader at Tanzania Investment Bank.
The Bank of Tanzania said on its website that it traded $33.35 million on the interbank foreign exchange market over the past week.
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