Tanzania, May 10 – In the latest reports making headlines in Tanzania, the local currency is set to rise after succumbing to the pressure of the dollar. The fluctuation of the shilling has been pioneered by the world market with oil prices determining the course of the shilling.
Financial institutions have forecast a gain in the Tanzanian currency with tourism and agriculture, the main backbones of the country’s economy expected to perform better in the coming months. The tourism season is almost kicking in, with a number of tourists eager to visit the East African nation to enjoy the diverse culture and experiences the country has in wildlife.
Having made its name across the border, investors could be on their way to seek for investment opportunities available as part of their plans to boost the country’s economies and benefit from the return on investments. The ease of doing business in the country catapulted by the leadership of President Magufuli has seen the rise of the country in various ways.
In agriculture, the country will seek to make more imports than imports on other cash crops to reap from the foreign exchange. Importers have held their horses to minimize the import expenditure to grow the economy, which would have shaken the strength of the currency.
Traders would hope for more of the same in a stellar performance for the currency to better their businesses and make marginal profits to counter the tax duties often paid. Manufacturers would take the opportunity to grow their businesses as it would prove to be a fantastic affair to see their role in contribution to the country’s GDP.
Should there be mismatch in the inflows then the anticipated good news could turn out sour for importers and manufacturers as well as traders.
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