The decision to open government securities' market to all non-resident investors could strengthen the shilling, improve foreign-exchange liquidity and deepen the country’s capital markets, financial analysts say. The reform, which allows foreign investors to buy Treasury bills and bonds, is expected to broaden the investor base for government debt while creating another channel for foreign currency to enter the economy, they say. Independent economic analyst Oscar Mkude said the reform could support the local currency because foreign investors buying government securities would have to convert foreign currency into shillings to make their investments. “This is a good step because, in the broader picture, it is taking Tanzania’s capital market onto the international stage. Another independent financial analyst, Christopher Makombe, said the move could increase foreign investor participation and strengthen the domestic financial market.