DAR ES SALAAM, Nov. 27 -- THE Bank of Tanzania (BoT) has moved to stabilise the foreign exchange market by selling 25m US dollars through an interbank auction conducted under its 2023 Foreign Exchange Intervention Policy.

In a public notice released, the central bank stated that the intervention aimed to improve liquidity in the Interbank Foreign Exchange Market (IFEM) at a time when demand for the US dollar remains high across various sectors of the economy.

The auction attracted strong interest from commercial banks, with participating institutions tendering a combined total of USD 28.5m US dollars, exceeding the amount offered by the central bank.

Out of 21 banks that submitted bids, 18 were successful.

According to the Bank, the $...