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Uganda Shilling may strengthen

Saturday May 28, 2011

UGANDA'S shilling is likely to strengthen due to dollar flows from foreign investors interested in buying high-yielding government securities.

Commercial banks in Kampala quoted the shilling at 2,388/2,393 against the dollar, slightly weaker than last Thursday’s 2,383/2,388.

“There’s an upcoming treasury bill auction next week which could attract considerable offshore interest and that could jerk up inflows and strengthen the shilling,” said Lucas Ochieng, treasurer at Orient Bank.

The Bank of Uganda is expected to sell 80 billion shillings ($33m) of Treasury bills next week.

The New Vision Newspaper

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