Find visitors' favorite businesstravel Hotels And.... Book your best!

ad. Buy Grade A Premium Uganda Vanilla Beans NOW Available for Export  

Uganda shilling extends gains against American dollar

Monday, 4th April, 2011

THE Uganda shilling continued its recent resurgence on Monday, expanding its gains against the dollar and traders said the unit would be strong against the US currency due to lacklustre greenback demand.

Commercial banks in Kampala exchanged the shilling at 2,380/2,385 against the dollar, up from Friday’s close of 2,383/2,388.

“We have weak demand in the market and liquidity (for the shilling) is also tight and these are both energising the

shilling,” said Faisal Bukenya, head of market making at Barclays Bank Uganda.

The local currency has been resilient against the greenback since UK explorer Tullow announced that it had sold two thirds of its exploration properties in Uganda to China’s Cnooc and France’s Total for $2.9b.

Tullow said it will pay the Ugandan government a total $469 million in capital gains tax in the next few days.

“Psychologically the shilling is gaining some confidence from the expected flow of the petrodollars even though the government is unlikely to use them to intervene in market,” Bukenya said.

He forecast the dollar would trade between 2,365/2,385 this week.

“US dollar sell-offs have been witnessed this morning lowering the trading level (strengthening the shilling). This week’s outlook still favours the Uganda shilling,” said a market report from Bank of Africa Uganda.

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 Business Travel 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.

Book a Prisons & Correctional
Charity Tour

Farmland for Sale
Prime Commercial Property
Entebbe Rd Land 4 Sale
Over 20 Farmland Parcels
Property & Plots of Land

Uganda Online SuperMarket
Online SuperMarket

Uganda Coffee Safari
Book My Coffee Tour

Uganda Honey
Uganda HoneyComb

Subscribe to our Business Travel Newsletter

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Africa Uganda Business Travel News Digest.

Hotel Booking

Car RentalCar Hire

Africa Uganda Shipping & Handling ServicesShipping & Handling Services

Our Sponsorship Policy

Apple Guavas available
Africa Uganda Plants GuideAfrica Plants Guide

Charity Investment Guide
Changing Lives

Africa Uganda SMS Guide
Africa Bulk SMS

Poultry Investment Guide
Poultry Business Guide

Related Pages

Uganda Hotels Directory

Uganda Hotels Booking Guide

Houses U can buy Uganda Real Estate Guide Industrial/Farmland Deals

Uganda Real Estates Guide

The Mountain Gorilla

Uganda Safari Guide

Uganda Weather Today

Book My Hotel

Please note that all fields followed by an asterisk must be filled in.

Please enter the word that you see below.


Uganda Currency