Tanzania forex reserves at their lowest in five years

Dar es Salaam. Tanzania’s foreign exchange reserves can now cover only 4.2 months of imports, the shortest period for five years.

The Bank of Tanzania has attributed this to the economic consequences of the war in Ukraine.

Although the import cover is still within the country’s benchmark of four months, the 4.2 months are below the East African Community (EAC) and Southern African Development Community (Sadc) convergence targets…