On 31st of August, the BoT reported the mean exchange rates for the Tanzanian shilling (TZS) against major currencies: USD/TZS 2,297.6, GBP/TZS 3,059.5, EUR/TZS 2,737.6, CNY/TZS 334.8, RWF/TZS 2.37, and KES/TZS 21.22.
During week 35 of 2020, from Monday 24th to Friday 28th August, the pairs fluctuated as follows:
- The US dollar remained steady at 2,297.8 against the Tanzanian shilling
- The British pound appreciated by 0,61%, from 3,014.5 to 3,032.9
- The Euro appreciated by 0,30%, from 2,706.5 to 2,714.7
- The Chinese yuan appreciated by 0,35%, from 331.9 to 333.5
- The Rwandan frank depreciated by 0,06%, from 2.3781 to 2.3767
- The Kenyan shilling depreciated by 0,28%, from 21.27 to 21.22
From the beginning of 2020, the pairs fluctuated as follows:
- The US dollar appreciated by 0,40%, from 2,288.6 to 2,297.8
- The British pound appreciated by 0,47%, from 3,018.6 to 3,032.9
- The Euro appreciated by 5.63%, from 2,570.1 to 2,714.7
- The Chinese yuan appreciated by 1.46%, from 328.8 to 333.5
- The Rwandan frank depreciated by 1.57%, from 2.4145 to 2.3767
- The Kenyan shilling depreciated by 6.05%, from 22.58 to 21.22.
With forex trading, you buy or sell the movement in currencies with the aim to profit from the appreciation or depreciation of one currency over the other.
Forex trading has seen huge growth across Africa in recent years especially growing rapidly in popularity amongst young people.
According to Christophoros Panagiotou, Africa Country Manager of Forex Broker Tickmill, Nigeria and South Africa are the biggest forex markets but over the last two years, Tanzania and Kenya have experienced huge increases in trading activity.
