Tanzania: In US Dollars “We trust”

The Arusha region, mainly its urban outlets, has been described as an extremely ‘dollar-ized’ precinct, where major and minor transaction are carried out using the American currency. The tendency is said to further weaken the Tanzanian shilling against the US dollar.

This was remarked this week, by the Head of sales, Structured Solution and Global Markets for the Standard Chattered Bank, Lawrence Mafuru, during a one day workshop which was organized by the Bank for its corporate customers an event which took place at The Arusha Hotel conference room, last Tuesday.

According to Mafuru, Arusha leads in the country for being a precinct where the dollar rules the economy and most of the local transactions. “In Arusha practically everything is done in US dollars, people pay their house rents in dollars, hotel rooms are charged in dollars and all retails outlets accept dollars some even insisting the foreign medium of exchange over the local currency.

Mafuru was presenting a paper on ‘Global Markets’ when the issue of local currency fluctuations became inevitable. The Tanzanian Shilling apparently is badly falling against the dollars and for the last two months, this has been a major concern among local people, especially those with a foothold in the country’s economic circles.

“It is all speculation, there is no need for fear, among the major fundamentals of economy is that it does not thrive on speculations.” Assured Mafuru adding that, while the local shilling was far from being stable due to the country’s high import bill, compared to its measly exports, Tanzania still had an edge in the economy, due to its political stability, which as far as he was concerned, it was the most important economic factor.

Tanzania: Mandela shirts’ intrigue Kenyan journalists

By Valentine Marc Nkwame

We should have to blame it all on Nelson Mandela, the former president of South Africa, who remains the world legendary freedom fighter and Africa’s top statesman. His chosen attire is fast catching on in Arusha to an extent of making some visiting Kenyan journalists conclude that the flowery or patterned batik shirts were the National Dress of Tanzania.

The Kenyan members of the fourth estate were recently on an official tour here, visiting Arusha and Manyara Regions when it occurred to them that out of every ten local people they came across with here, at least six would be spotting a Batik shirt.

AFRICA: East Africa Federation is good idea but not yet time

by Matilda Kirenga ands Happy Lazaro

Several people interviewed by The Arusha Times at the start of the Consultative Process on the proposed East African Federation support ed the idea of the federation but have clearly stated that it was not yet the right time.
Many of those who expressed their views said that Kenya, Tanzania and Uganda should first consolidate the recently established Customs Unions and also the Common Market and Monetary Union before leaping on to more complicated issues such as political federation.
Some went even to the extent of saying that the idea of fast-tracking the federation process has watered down the community spirit in some parts of East Africa especially Tanzania.