Bank acts to curb weak shilling Send to a

Commercial Bank of Africa Tanzania (CBA) is optimistic that the weakening of the shilling against the US dollar will have little impact to its customers, particularly importers, because the bank has taken steps to mitigate the crisis, a senior official said. Some of these measures include selling them foreign currency on better exchange rates, as well as, educating them on the dangers of forex speculation. “We have advised our customers, especially importers not to participate in foreign exchange speculations. If they are buying dollars it has to be for business needs and we try to give them the best exchange rates possible,” Yohane Kaduma, CBA chief executive officer said. The shilling has been exchanging at an average of 1,800 to the dollar in the past week. Speculation by foreign exchange dealers has been blamed on the poor performing local currency whose free-fall this year is historic after weakening by 16 per cent since early this year. This increases the cost of importing goods and services leading to high commodity prices, making life more difficult to the majority.Mr Kaduma said they only lend foreign currency to clients whose income is in that currency as a measure.   Source – The Citizen

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