Dar es Salaam. Two days after the Tanzania shilling against the dollar starts strengthening, Minister of Finance and Economy, Saada Mkuya has mentioned approach taken to strengthen including to prevent displacement of funds from one bank to another professional 'swapping'.
Mkuya Minister said the move will take place only when and when there is economic activity.
"Banks were zinahamisha money from one bank to another without the underlying causes of economic activity, this resulted in a drop in shillings but for now we are blocked and will take place only when the governor will kapoidhinisha," he said.
Mkuya Minister said the government has long been crossed inaimarika efforts to ensure that such is the result. "This is the action we have taken, you Practically wrong that we do not work but we were taking steps to our place," he said.
Tanzania Shilling improvement began yesterday, as it was acquired between Sh1,700 and Sh1,900 instead of the original Sh 2,400 against the US dollar.
Last week, the decline was triggered in the economic downturn explained that these funds could reach between Sh2,500 and Sh2,800 when the country goes into a general election.
Referring to the efforts taken, Mkuya Minister said the Government has also reduced the prevention of dollars from 10 percent to eight to support the shilling.
"The government kept a large amount of money and now has reduced 2 percent, that it has brought relief," said Minister Mkuya.
Another reason for the improvement in the shilling was quoted Minister Mkuya include increased cash flow, which was hindered due to the government's budget and say that for a lot of money now entered into the pockets of the budget.
The collapse of the shilling was due to the US economy to grow, which led to currency fluctuations although many countries said the Tanzania shilling fell further.
Director of Economic Research and Policy of the Bank of Tanzania (BoT), Dr Joseph Massawe, was quoted by local newspaper The Citizen yesterday saying that crossed BoT has improved after the intervention the problem arises.
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