Over the past three years, Tanzania recorded its highest foreign exchange reserves in September 2021, following a loan disbursement from the IMF. However, these reserves declined over time between 2022 and 2023 due to a dollar shortage and the depreciation of the Tanzanian shilling. See the below infographic for more insights:
The year 2022 recorded the largest current account deficit-to-GDP ratio since 2014, reflecting the significant strain global challenges were placing on the country’s economy.
Exchange rate trends USD/TZS, since June 2023, the Tanzanian shilling has recorded a sharp depreciation.
