Tanzania’s
currency is at an all-time low as demand for dollars by companies investing, in
what is East Africa’s fastest-growing economy, overwhelmed central bank efforts
to support the shilling with foreign-exchange sales.
Tanzania’s
economy, the biggest in the five-nation East African Community after Kenya, is
set to expand 7.2 percent this year, according to International Monetary Fund
estimates.
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| Tanzanian Shillings hit all time low |
The growth
is fueled by a developing natural-gas industry including construction of a
pipeline and power plants.
According to
Bloomberg financial tracking the shilling is down 6.8 percent against the
dollar in April, the worst performance in the month among 24 African currencies.