This week The Daily News, Tanzania’s leading English newspaper reported that British multinational bank powerhouse Barclays has brought its institutional trading platform BARX Africa to Tanzania’s forex market.
BARX, the multi-asset class e-trading solution from Barclays provides access to FX liquidity through its own proprietary platform, via several ECNs, via FIX and DMA.
BARX Africa sales is based in the country of Zambia and includes within the platform a research portal, Barclays Live and access to FX in over 80 currencies in 480 pairs and up to two years forward.
Tanzania has an extremely weak currency within global markets where 1 million Tanzanian Shilling equals $465 USD. The African nation only generates a GDP per capital of $765 USD according to the IMF.
US Dollar to Tanzanian Shilling 10 Year Chart