Tag Archives: shilling

By Julius Businge The Uganda Shilling is forecast to stabilise as the high US dollar demand from importers, which sent the local currency tumbling to a 13-month low in recent days, starts to recede, according to Dickson Magecha, the Forex Trader at Standard Chartered Bank Magecha said at the end …

By Julius Businge The Uganda shilling tumbled 2.2% against the dollar touching 2670/80 in the week ending Nov. 23 from the previous close of 2605/15. The central bank intervened in the early morning session on Friday-Nov. 23 to halt the slide as demand for dollar surged. Denis Mashanyu, the forex trader …

By Julius Businge The Ugandan shilling fell against foreign currencies notably the dollar on Wednesday, dealers said. Commercial banks quoted the currency of Africa’s largest coffee exporter at 2,587/2,597, weaker than Tuesday’s close of 2,575/2,585. “There is some depreciation of the local currency as a result of better liquidity conditions …

By Julius Businge The Uganda shilling weakened in the week against the dollar testing 2510/20 midweek on the back of global risk aversion. Denis Mashanyu, a forex trader at Standard Chartered Bank said the local unit later recovered to settle in the same region it had opened of 2470/80. The recovery …

By Patrick Kagenda In the middle of last year, the Ugandan Shilling appreciated against the dollar. The importers were all smiles as they required fewer shillings to buy dollars thereby making their businesses flow smoothly. On the punching end were the exporters who would earn less from their exports as …

By Joseph Were and agencies On which side will BoU intervene, if at all? The weakening of currencies in the East African region against the U.S. dollar experienced in the last two weeks is likely to persist, according to analysts. Dollar demand by offshore investors and the corporate sector to …

By Patrick Kagenda Buoyed by returning off-shore investors especially in the oil sector, increased remittances from Ugandans working abroad, and inflows from exports, the shilling has appreciated 25% against the dollar over a six months ending October 31. Globally the dollar has seen some depreciation lately, against other currencies. It …

  By Patrick Kagenda Traders say Central Bank lacks capacity to stop it Following the rapid loss of value of the shilling in the past six months, foreign exchange dealers and traders are questioning the Central Bank’s ability to stop further decline. Asked to comment on Bank of Uganda’s explanation …

By Patrick Kagenda `I have the capacity to burn Forex speculators’ fingers’ As the world financial crisis takes center stage in all global discussions, The Independent’s Patrick Kagenda recorded Uganda Central Bank governor Emanuel Tumusime Mutebile’s answers to the press on why the American dollar has shot skywards and its …