THE Tanzanian shilling has emerged as one of the world’s best-performing currencies in recent months, buoyed by record-high gold prices, surging earnings from agriculture and tourism, and improved foreign exchange regulations, the Bank of Tanzania has affirmed.

Emmanuel Akaro, the BoT director of financial markets said at midweek that the local currency, earlier coming under pressure against the US dollar, has rallied strongly since March. On Wednesday, the central bank quoted the shilling as trading at 2,578/2,604 to the dollar—up from 2,586/2,612 at the start of March—indicating a notable appreciation trend, he explained.
Speaking in an exclusive interview, he attributed the rally to strong macroeconomic fundamentals and improved foreign exchange liquidity, noting that the outlook for the shilling remains positive for the rest of 2025.
“The shilling has appreciated as a result of increased inflows of US dollars from agriculture, gold exports, tourism and transport sectors, as well as the implementation of foreign exchange regulations published in March,” he stated.
Tanzania, one among the leading gold producers in Africa, has reaped an experienced revenue windfall from skyrocketing global prices. Gold prices have jumped by over $1,000 per ounce within a year—from $2,310 to $3,326 per ounce—boosting foreign currency inflows by up to 44 percent, the BoT executive affirmed.