Tanzania, June 9 -- Dar es Salaam. The Bank of Tanzania (BoT) has launched an Electronic Matching System (EMS) for the Interbank Foreign Exchange Market (IFEM), a move expected to enhance transparency, efficiency and price discovery in the country's foreign exchange market.

The new platform replaces a largely manual process under which commercial banks spent hours negotiating foreign currency transactions, matching buyers with sellers and agreeing exchange rates before trades could be completed.

With the introduction of the EMS, banks can now view foreign currency bids and offers in real time, enabling exchange rates to be determined more transparently through market demand and supply.

The digital platform automatically matches buy and...