The Bank of Tanzania has intervened in the Interbank Foreign Exchange Market (IFEM) in line with its 2023 Foreign Exchange Intervention Policy.
Through a carefully managed auction, the central bank sold USD 14.75 million at a weighted average exchange rate of TZS 2,582.08 per USD.
This move is intended to enhance liquidity and maintain stability in the foreign exchange market.
The auction attracted strong interest from participating banks, with total bids exceeding the amount on offer.
The central bank successfully allocated USD 14.75 million to 18 of the 28 banks that took part. Accepted bids ranged from TZS 2,580.00 to TZS 2,592.50, reflecting active market participation and demand for foreign currency.
The Bank of Tanzania emphasized that such interventions are designed to support market stability and ensure that banks have sufficient access to foreign currency.
The Directorate of Financial Markets will continue to monitor conditions closely and take additional measures if needed to maintain a stable and well-functioning exchange market.