The Bank of Tanzania (BoT) has taken decisive action to support liquidity in the foreign exchange market by injecting USD 15.75 million into the Interbank Foreign Exchange Market (IFEM).
The move, guided by the Bank’s 2023 Foreign Exchange Intervention Policy, was executed through a competitive auction at a weighted average rate of TZS 2,572.56 per US dollar.
The intervention aims to enhance the availability of foreign currency and ensure exchange rate stability.
A total of 30 banks participated in the auction, with 18 banks successfully securing foreign currency.
While the Bank offered USD 15 million, the bids tendered totaled USD 27 million, reflecting strong demand in the market.
The highest bid rate was TZS 2,580 per dollar, while the lowest accepted bid rate stood at TZS 2,570.
BoT emphasized its continued commitment to monitoring the foreign exchange market closely. The central bank remains prepared to take timely measures to maintain liquidity and stability, safeguarding the smooth operation of Tanzania’s financial system.