The Tanzanian shilling is in very bad shape, so much that some analysts describe it figuratively as a currency that is in its death throes. It is a cause for concern for us all, for it pains that while you could have purchased a dollar at around Tsh600 in the late 2000s, you have to cough up Tsh2, 000 today for a single greenback.
The shilling can be stabilized by creating policies that enable the country to cut on imports, which is possible only if the country revives the textile industry, for example, they do not spend millions importing the citizens wear, including second-hand clothes.
The country also needs to impose some controls on the use of the dollar as a medium of exchange when no export is involved. Allowing businesses operating in the country to even quote the dollar for their goods and services. Trading the dollar is one major reason the shilling tumbles when it should not. The Tanzanian government must put an end to this.
The Tanzanian shilling is in very bad shape, so much that some analysts describe it figuratively as a currency that is in its death throes. It is cause for concern for us all, for it pains that while you could have purchased a dollar at around Sh600 in the late 2000s, you have to cough up Sh2, 000 today for a single greenback.
The shilling can be stabilized by creating policies that enable the country to cut on imports, which is possible only if the country revives the textile industry, for example, they do not spend millions importing the citizens wear, including second-hand clothes.
The country also needs to impose some controls on the use of the dollar as a medium of exchange when no export is involved. Allowing businesses operating in the country to even quote the dollar for their goods and services. Trading the dollar is one major reason the shilling tumbles when it should not. The Tanzanian government must put an end to this.
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