Home / Knowledge / News / Textiles / Bulk cotton exports to help stabilize domestic currency
Bulk cotton exports to help stabilize domestic currency
Aug '11
Mustafa Mkulo, Tanzania's Minister for Finance and Economic Affairs has expressed hope that the cotton exports would bring stability to shilling, the country's local currency, against the US dollar.

He said that problems in big economies like the European nations and the US, with which the domestic currency is correlated, is one of the key factors that have induced volatility in shilling.

The Minister stated that he is quite certain that if the country manages to export cotton in bulk quantities to markets across the globe, it would help the domestic currency to stabilize.

He added that shilling was performing better than currencies of other East African countries. Elucidating further, he said that the Kenyan shilling and Ugandan shilling have depreciated by 20 and 28 percent respectively over time, but a fall of just seven percent has been noted in Tanzanian shilling.

Tanzanian currency broke all previous records and depreciated to the exchange rate of 1,622 per one US dollar during first part of July, 2011.

The cotton buying season began in the country on June 20 this year and the Tanzania Cotton Board (TCB) estimates the cotton harvest to cross 250,000 tons.

Fibre2fashion News Desk - India

Must ReadView All

Information Technology | On 28th Mar 2017

Intex Consulting signs partnership with Kawan Era Baru

Germany based Intex Consulting GmbH has entered into a strategic...

Courtesy: Kraig Laboratories

Textiles | On 28th Mar 2017

Kraig gets certificate for silk production in Vietnam

Kraig Biocraft Laboratories, Inc., a leading biotechnology company...

Courtesy: Creora

Textiles | On 28th Mar 2017

Hyosung holds Creora workshops in China, HK & Taiwan

South Korean specialty fibre producer Hyosung held a series of...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search