BUSINESS NEWS

Exchange Rates (April 1995):
US$ = Shs 560 – 570
£ Sterling = Shs 850 – 910

The WORLD BANK, advised by its representative in Dar es Salaam (who was accused of interfering in Tanzania’s sovereignty) and supported by TANESCO’s Board of Management and the press, has forced the government to change the decision it had made on the award of a tender. This was for the Emergency Power Supply Project urgently needed to relieve the electric power shortages which have been crippling industry during recent months. The Canadian firm Ocelot won the tender. A combined Irish, South African and Malaysian tender had been favoured by the government – Business Times.

Although heavy rain during the last few weeks has led to improved electricity generation TANESCO has warned that rationing will continue because water levels in the main dams had not yet risen substantially – Daily News.

SOUTH AFRICA’S PROTEA HOTELS has recently taken over the management of 20 African hotels outside South Africa including four formerly state-owned hotels in Tanzania – Johannesburg Star.

INFLATION had reached 39.5% by the end of January and there are fears that it will reach 45% by budget time in June; food prices increased by almost 20% during the five months after September 1994 – Business Times.

The TANZAM Railway Authority plans to layoff a third of its 6,000 workers in the next 14 months because of severe competition – Business Times.

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