Dar es Salaam. The Bank of Tanzania (BoT) has injected $45 million into the Interbank Foreign Exchange Market (IFEM) through an auction, as part of its ongoing efforts to ensure adequate liquidity and stability of the Tanzanian shilling.
Statement issued by Directorate of Financial Market Bank of Tanzania said that according to the Bank’s Foreign Exchange Intervention Policy of 2023, the auction was conducted at a weighted average exchange rate of Sh2,449.80 per dollar.
The intervention is intended to address short-term volatility in the foreign exchange market and support the smooth functioning of currency trading.
BoT stated that such interventions are carried out when necessary to maintain orderly market conditions and to safeguard macroeconomic stability.
"By supplying foreign currency to the market, the Bank aims to meet demand pressures while promoting confidence among market participants."
The move underscores the central bank’s continued commitment to ensuring a stable foreign exchange environment that supports economic growth and financial stability in the country.
