DAR ES SALAAM, Dec. 2 -- THE central bank sold a combined 45 million US dollars into the foreign-exchange market in two consecutive interventions last week as it moved to ease dollar shortages and curb pressure on the shilling.

It offloaded 25 million US dollars on Wednesday at a weighted average rate of 2,443/82 per dollar, followed by 20 million US dollars a day later at 2,447/55, according to notices issued by the Directorate of Financial Markets.

Both auctions, conducted under the 2023 Foreign Exchange Intervention Policy, were heavily oversubscribed, reflecting strong underlying demand for dollars in the interbank market and signalling the need for central bank support to maintain orderly conditions.

Banks submitted bids of 28.5 m...