KCP. USD/TZS 2,637
USD / TZS 2,637Gold · $/oz $4,057BoT rate 6.25%Inflation 4.0% 23 Jul 2026 verified close
Tanzania Intelligence

The Brief

Vol. I · No. 205
Friday, 24 July 2026
Verified closeDSE · BoT · frozen to the covered session23 Jul 2026 verified close

A daily reading of the forces shaping Tanzania’s economy, markets and statecraft — and the world that moves them. Information and education, never advice.

The Brief is written the morning after the market closes. This edition analyses Thursday, 23 July 2026 — the most recent verified session. Its figures are frozen to that close; for today’s live moves see Markets.

DSE All-Share
4,112.64▲ 0.26%
DSEI · 23 Jul close · latest verified
Tanzania Share Index
9,005.34
TSI · 23 Jul · domestic
USD / TZS
2,637
BoT mean · 23 Jul · essentially flat
Gold · $/oz
$4,057
BoT reference · 22 Jul sheet
BoT rate
6.25%
CBR · Q3 2026
91-day T-bill
3.35%
BoT WAR · latest auction
364-day T-bill
7.03%
BoT WAR · latest auction
Inflation
4.0%
NBS · June 2026 headline
Today in 60 seconds
  1. The rise broadens into industrials and services — but CRDB carries more than half the money
  2. Industrials and services take the baton as both headline indices rise for a second session
  3. CRDB carries 55.8% of a TZS 5.57bn session
WatchDSE participation after the CRDB-led sessionFri 24 Jul 2026 close
Read the full Brief ↓

Did the domestic-only and all-share indices tell the same story over the covered quarter?

The domestic market against the headline index

2026-04-22 = 100 · frozen at the 2026-07-23 covered session

+5.2%TSI · quarter+5.8%DSEI · quarter
Coverage 2026-04-22 → 2026-07-23 Vintage 2026-07-23 · final Revision current · v0
The domestic market against the headline index. Exact values underlying the chart.
DateIndexRebasedRaw level
2026-04-22Tanzania Share Index1008,557.01
2026-04-23Tanzania Share Index99.38328,504.23
2026-04-24Tanzania Share Index98.91488,464.15
2026-04-27Tanzania Share Index98.60428,437.57
2026-04-28Tanzania Share Index99.55158,518.63
2026-04-29Tanzania Share Index101.10258,651.35
2026-04-30Tanzania Share Index101.38138,675.21
2026-05-04Tanzania Share Index100.0118,557.95
2026-05-05Tanzania Share Index98.75378,450.36
2026-05-06Tanzania Share Index97.63258,354.42
2026-05-07Tanzania Share Index96.77978,281.45
2026-05-08Tanzania Share Index97.84818,372.87
2026-05-11Tanzania Share Index99.39298,505.06
2026-05-12Tanzania Share Index99.38248,504.16
2026-05-13Tanzania Share Index98.95628,467.69
2026-05-14Tanzania Share Index98.36848,417.39
2026-05-15Tanzania Share Index98.27038,409
2026-05-18Tanzania Share Index98.7258,447.91
2026-05-19Tanzania Share Index98.86978,460.29
2026-05-20Tanzania Share Index98.5958,436.78
2026-05-21Tanzania Share Index99.63218,525.53
2026-05-22Tanzania Share Index100.06088,562.21
2026-05-25Tanzania Share Index101.79788,710.85
2026-05-26Tanzania Share Index102.43458,765.33
2026-05-28Tanzania Share Index102.67228,785.67
2026-05-29Tanzania Share Index102.54158,774.49
2026-06-01Tanzania Share Index102.98498,812.43
2026-06-02Tanzania Share Index103.65588,869.84
2026-06-03Tanzania Share Index103.20288,831.07
2026-06-04Tanzania Share Index103.55528,861.23
2026-06-05Tanzania Share Index103.00978,814.55
2026-06-08Tanzania Share Index103.04878,817.89
2026-06-09Tanzania Share Index102.5938,778.89
2026-06-10Tanzania Share Index101.98318,726.7
2026-06-11Tanzania Share Index100.9858,641.3
2026-06-12Tanzania Share Index100.43378,594.12
2026-06-15Tanzania Share Index99.34978,501.36
2026-06-16Tanzania Share Index100.42668,593.51
2026-06-17Tanzania Share Index100.72058,618.66
2026-06-18Tanzania Share Index101.19188,658.99
2026-06-19Tanzania Share Index101.06948,648.52
2026-06-22Tanzania Share Index100.77258,623.11
2026-06-23Tanzania Share Index100.6448,612.12
2026-06-24Tanzania Share Index100.92018,635.74
2026-06-25Tanzania Share Index101.16128,656.37
2026-06-26Tanzania Share Index101.75778,707.42
2026-06-29Tanzania Share Index102.07278,734.37
2026-06-30Tanzania Share Index102.5728,777.1
2026-07-01Tanzania Share Index103.52468,858.61
2026-07-02Tanzania Share Index104.14828,911.97
2026-07-03Tanzania Share Index105.14298,997.09
2026-07-06Tanzania Share Index104.96298,981.69
2026-07-08Tanzania Share Index104.69918,959.11
2026-07-09Tanzania Share Index104.38888,932.56
2026-07-10Tanzania Share Index104.22188,918.27
2026-07-13Tanzania Share Index104.15548,912.59
2026-07-14Tanzania Share Index103.93318,893.57
2026-07-15Tanzania Share Index104.39398,933
2026-07-16Tanzania Share Index104.47918,940.29
2026-07-17Tanzania Share Index104.81848,969.32
2026-07-20Tanzania Share Index104.61988,952.33
2026-07-21Tanzania Share Index104.51598,943.44
2026-07-22Tanzania Share Index104.85618,972.55
2026-07-23Tanzania Share Index105.23939,005.34
2026-04-22DSE All Share1003,887.17
2026-04-23DSE All Share99.3723,862.76
2026-04-24DSE All Share99.31293,860.46
2026-04-27DSE All Share99.06823,850.95
2026-04-28DSE All Share99.78933,878.98
2026-04-29DSE All Share100.72063,915.18
2026-04-30DSE All Share100.82583,919.27
2026-05-04DSE All Share99.69933,875.48
2026-05-05DSE All Share98.70273,836.74
2026-05-06DSE All Share97.86123,804.03
2026-05-07DSE All Share97.26283,780.77
2026-05-08DSE All Share98.12183,814.16
2026-05-11DSE All Share99.20123,856.12
2026-05-12DSE All Share99.46263,866.28
2026-05-13DSE All Share98.86883,843.2
2026-05-14DSE All Share98.55963,831.18
2026-05-15DSE All Share98.49533,828.68
2026-05-18DSE All Share98.83053,841.71
2026-05-19DSE All Share98.92983,845.57
2026-05-20DSE All Share98.53473,830.21
2026-05-21DSE All Share99.29793,859.88
2026-05-22DSE All Share99.68823,875.05
2026-05-25DSE All Share100.88193,921.45
2026-05-26DSE All Share101.34163,939.32
2026-05-28DSE All Share101.27883,936.88
2026-05-29DSE All Share101.24283,935.48
2026-06-01DSE All Share101.573,948.2
2026-06-02DSE All Share101.88673,960.51
2026-06-03DSE All Share101.69333,952.99
2026-06-04DSE All Share101.93483,962.38
2026-06-05DSE All Share101.20683,934.08
2026-06-08DSE All Share101.40593,941.82
2026-06-09DSE All Share101.2483,935.68
2026-06-10DSE All Share101.03493,927.4
2026-06-11DSE All Share100.24493,896.69
2026-06-12DSE All Share100.02243,888.04
2026-06-15DSE All Share99.33863,861.46
2026-06-16DSE All Share100.26423,897.44
2026-06-17DSE All Share100.64733,912.33
2026-06-18DSE All Share101.61943,950.12
2026-06-19DSE All Share101.37173,940.49
2026-06-22DSE All Share100.68583,913.83
2026-06-23DSE All Share100.76433,916.88
2026-06-24DSE All Share101.14273,931.59
2026-06-25DSE All Share102.36863,979.24
2026-06-26DSE All Share103.54864,025.11
2026-06-29DSE All Share103.93274,040.04
2026-06-30DSE All Share104.1584,048.8
2026-07-01DSE All Share104.37464,057.22
2026-07-02DSE All Share105.22084,090.11
2026-07-03DSE All Share105.90564,116.73
2026-07-06DSE All Share105.55084,102.94
2026-07-08DSE All Share105.52824,102.06
2026-07-09DSE All Share105.19844,089.24
2026-07-10DSE All Share105.02324,082.43
2026-07-13DSE All Share104.97774,080.66
2026-07-14DSE All Share104.96024,079.98
2026-07-15DSE All Share105.25274,091.35
2026-07-16DSE All Share105.55084,102.94
2026-07-17DSE All Share105.78344,111.98
2026-07-20DSE All Share105.5484,102.83
2026-07-21DSE All Share105.27384,092.17
2026-07-22DSE All Share105.52334,101.87
2026-07-23DSE All Share105.80044,112.64

Read: The rebased paths show the part of the domestic move that the broader headline index does—and does not—capture.

Index scope differs. Neither line is the return of every constituent or of a reader’s portfolio.

DSE Tape Check

Market breadth
Negative tilt
8 rose, 9 fell
Advancers against decliners on the verified DSE close.
Headline driver
Cross-listed lift
Cross-listed names moved the headline
All-Share +0.91% vs domestic TSI -0.19% — the +1.10pp gap is the cross-listed weight most local investors don’t hold.
Turnover concentration
Block-driven
One name carried the tape
CRDB Bank was 55% of turnover — index moves overstate how broad the day really was.

Descriptive flags from the verified DSE close — not signals, predictions, or advice. The official close, fully broken down — After the Bell →

Verified close

The rise broadens into industrials and services — but CRDB carries more than half the money

Signal

Thursday closed at 4,112.64 (+0.26%) and 9,005.34 (+0.37%) on TZS 5.57bn; CRDB carried 55.8% of turnover.

Why it matters

Industrial & Allied and Commercial Services rose 45.5 and 48.4 points, but 9 decliners still outnumbered 8 advancers.

What to watch

Whether concentration normalises and the 8 counters that did not trade return to Friday's tape.

Source: Dar es Salaam Stock Exchange · Observed 23 Jul 2026
Go deeper →
Equities

Industrials and services take the baton as both headline indices rise for a second session

Signal

4,112.64 rose 0.26% and 9,005.34 0.37%; Industrial & Allied added 45.5 points and Commercial Services 48.4.

Why it matters

Leadership moved beyond Wednesday's bank-led turn, although the board remained mixed at 8 advancers, 9 decliners and 11 unchanged.

What to watch

Whether sector leadership persists with broader participation and less single-name concentration.

Source: DSE · Edition 24 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
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Tape

CRDB carries 55.8% of a TZS 5.57bn session

Signal

CRDB traded TZS 3.11bn; NMB TZS 861m and TCCL TZS 701m. Together, the three names carried 83.8% of turnover.

Why it matters

The tape was below its recent held-session median and concentrated, so the index rise did not reflect evenly distributed activity.

What to watch

Whether CRDB's share normalises and the 8 counters absent from Thursday's tape return.

Source: DSE · Edition 24 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
FX

USD/TZS holds near 2,637 as the 23 July BoT sheet arrives

Signal

The BoT indicative mean was TZS 2,637.13 per US dollar on 23 Jul, against TZS 2,636.77 on 22 Jul.

Why it matters

The daily move was negligible, leaving local- and hard-currency readings of Thursday's market session nearly aligned.

What to watch

The 28–29 Jul FOMC and whether the next BoT sheets move beyond the week's narrow range.

Source: Bank of Tanzania · Edition 24 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
Rates

The 10-year point refreshes at 10.87% while the front end remains below policy

Signal

BoT's latest 10-year auction point is 10.87% on 22 Jul; 91-day and 364-day bill WARs remain 3.3472% and 7.0258%.

Why it matters

The curve still shows short bills well below the 6.25% CBR while the longer government tenor carries a higher funding cost.

What to watch

Auction No. 1204 around 29 Jul is inferred, not official: the 91-day WAR and bid-to-cover are the next tests.

Source: Bank of Tanzania · Edition 24 Jul 2026 · Data verified · interpretation: Medium confidence
Go deeper →
The Ghost

The model book

The Ghost's hypothetical TZS 500m model book is +4.65% since inception at its 23 Jul mark. VODA rose 2.5% and CRDB 0.37%, while NMB and TCC were unchanged; the session helped the bank-and-telecom-weighted book, but CRDB concentration made the tape less broad than the index move.

Ghost relevance: how today’s rates, FX, gold and inflation read against a hypothetical model-book — educational, not advice.

Open the Ghost tracker → The terrain it reads →
Week ahead — what to watch
WhenEventWhy it matters
Fri 24 Jul 2026 closeDSE participation after the CRDB-led sessionThursday had 8 advancers, 9 decliners and 8 counters with no trade; breadth and concentration are the next verified tests.
~29 Jul 2026 (inferred cadence, not an official BoT date)T-bill auction No. 1204 (expected)The 91-day WAR remains about 290bp below the CBR; the next yield and bid-to-cover will show whether that gap persists.
28–29 Jul 2026US FOMC decisionThe dollar-rate backdrop is the nearest dated external event for USD/TZS, which held near 2,637 on the 23 Jul BoT sheet.
early Aug 2026NBS July CPI · EWURA fuel capJune headline inflation eased to 4.0%, while transport ran 13.6% y/y; the next releases test that divergence.
coming weeks (unscheduled)US$2.7bn Tabora–Kigoma SGR award — primary confirmationThe contract remains press-reported; primary confirmation and financing terms are required before it is counted as verified capex.
Get the Daily Brief before the market opens.

A free daily Tanzania market-intelligence note covering DSE moves, rates, FX, policy, macro signals and what to watch next.

Information and education only. No advice. No noise. Unsubscribe anytime.

Compiled from public sources for information and education only — not investment advice, and not a forecast. Equity and index figures reconcile to the Dar es Salaam Stock Exchange verified close (23 Jul 2026); rates, FX and gold to the Bank of Tanzania; inflation to the NBS. The current Wire handoff contained no primary-grade candidate, so no unverified headline was promoted as fact. The US$2.7bn Tabora–Kigoma SGR award remains press-reported pending primary confirmation. The ~29 Jul auction is an inferred cadence, not an official BoT calendar entry. For live market updates see Markets.

Archive — past editions32
The give-back reverses on the heaviest tape in weeks — but three-quarters of it is one Breweries blockThursday, 23 July 2026A second thin give-back leaves the tape 25 points off the high — while the exchange's half-year numbers tell the opposite storyWednesday, 22 July 2026A thin Monday pause nine points under the record, as the rail story hardens from headlines into contractsTuesday, 21 July 2026Monday reopens off Friday's record-adjacent close, into a week with nothing dated on the calendarMonday, 20 July 2026A week with nothing dated on the market calendar — so the question turns to breadth, not dataSunday, 19 July 2026The DSE claws back its early-July dip — up 0.72% on three straight gains, back within a whisker of its recordSaturday, 18 July 2026CRDB supplies 93% of a TZS 55.20bn board while breadth turns negativeFriday, 17 July 2026The crossing did not repeat — turnover falls 28x to TZS 2.71bn and the All-Share gains for the first time in seven sessionsThursday, 16 July 2026CRDB alone was 97% of Tuesday's board — TZS 73.4bn on 27.2m shares as the All-Share eased a sixth sessionWednesday, 15 July 2026Inflation eases to 4.0% in June — the first read after the fuel-subsidy exit and the 50bp hike passes the band testTuesday, 14 July 2026The DSE reopens at 4,082.43 with four declines behind it and the week's two dated events aheadMonday, 13 July 2026Two dated events, one question: what the hurdle rate is, and who pays for the ambitionSunday, 12 July 2026Four sessions, four declines: the DSE gives back a little of its record, and one CRDB crossing carries the tapeSaturday, 11 July 2026The DSE eases in its first full session back as a mild foreign net-selling tilt meets thin breadthFriday, 10 July 2026Saba Saba reframed as a managed trade showcase as the runway to the 17 July Vision 2050 launch clearsThursday, 9 July 2026Saba Saba passes as a shutdown, not a clash: Kariakoo deserted under heavy security as the market reopensWednesday, 8 July 2026Saba Saba day: DSE closed and security deployed across Dar, with a quiet commemoration the base caseTuesday, 7 July 2026Saba Saba eve: rally ban enforced with deployments across Dar as the TPDF warns off protest callsMonday, 6 July 2026Bank of Tanzania lifts the policy rate to 6.25%, the first tightening of the cycleSunday, 5 July 2026DSE All-Share caps a record week at 4,116.73 with a third straight all-time highSaturday, 4 July 2026DSE All-Share extends the record run to 4,090.11 as banks carry the fiscal-year openFriday, 3 July 2026DSE All-Share opens the fiscal year at a record 4,057.22 as domestic counters leadThursday, 2 July 2026Tanzania's record budget and Vision 2050 take legal effect as the execution clock startsWednesday, 1 July 2026Tanzania's record budget and DIRA 2050 take legal effect tomorrow as the fiscal year turnsTuesday, 30 June 2026DIRA 2050's implementation instruments launch today as Tanzania's new fiscal year opensMonday, 29 June 2026Tanzania opens its new fiscal year: DIRA 2050 instruments launch Monday, DSE reopens above 4,000Sunday, 28 June 2026DSE All-Share jumps 2.38% to 4,025 as cross-listed banks outpace the domestic tapeFriday, 26 June 2026Tanzania enters 2026/27 with a record budget and a 25-year horizonThursday, 25 June 2026Vision 2050 launch nears as DIRA planning instruments reach parliamentWednesday, 24 June 2026DIRA 2050 launches 1 July with a $47bn strategic-project spineTuesday, 23 June 2026TZS 62.33tn FY2026/27 budget takes effect 1 JulyMonday, 22 June 2026Samia to launch Vision (Dira) 2050 instruments on 29 JuneSunday, 21 June 2026