ad. Buy/Import/Export Premium Grade Uganda Vanilla Beans
Bank Of Uganda sells dollars to save shilling
Friday, 5th August, 2011
The Uganda Central Bank yesterday sold an undisclosed amount of dollars in the foreign exchange market after the shilling slid towards a record low of 2,710 hit on June 30.
The bank said in a notice to the market that it was also offering a seven-day reverse repurchase agreement (repo) for an unspecified amount of money during the session.
“The shilling opened at 2,650/2,660, but weakened sharply to 2,675/2,685, prompting the Central Bank to come in. It is now at 2,665/2,575,” said Faisal Bukenya, the head of market making at Barclays Bank. “With today’s levels, it is clear we are moving back to the record low of 2,710 in June.”
The drop of the shilling was attributed to dollar demand from the energy and manufacturing sectors.
The New Vision Newspaper
Click here to post comments
Join in and write your own page! It's easy to do. How? Simply click here to return to Africa Uganda Currency and Forex News .
Haven't yet found what you Want...?
If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page
feel free to ask our business travel consultants.