Forex rates change many times
Nov 09, 2010
EDITOR: The Bank of Uganda (BOU) appreciates Geoffrey Namara’s concern about the different forex rates reported in the media as stated in his letter, ‘Forex rates’, published on November 3.
EDITOR: The Bank of Uganda (BOU) appreciates Geoffrey Namara’s concern about the different forex rates reported in the media as stated in his letter, ‘Forex rates’, published on November 3.
BOU would like to clarify on the differing rates quoted during prime news bulletins by some television stations.
Following the liberalisation of the foreign exchange market, the various players in the market like commercial banks, forex bureaux, and remittals offer different retail foreign exchange rates.
Foreign exchange rates may change many times daily, depending on the supply and demand conditions.
BOU publishes two types of foreign exchange rates on its website namely:
The retail buying and selling rates from all forex bureaux;
The average inter-bank buying and selling foreign exchange rates.
BOU has established that the variation in forex rates reported by various media is mainly due to different sources; and advises the media to accurately attribute their sources of market information. Timely and reliable market informationcan be obtained by visiting BOU’s website: www.bou.or.ug.
John Nandaah-Wamukota
Ag. Director, Communications
On behalf of Management
Bank of Uganda
BOU would like to clarify on the differing rates quoted during prime news bulletins by some television stations.
Following the liberalisation of the foreign exchange market, the various players in the market like commercial banks, forex bureaux, and remittals offer different retail foreign exchange rates.
Foreign exchange rates may change many times daily, depending on the supply and demand conditions.
BOU publishes two types of foreign exchange rates on its website namely:
The retail buying and selling rates from all forex bureaux;
The average inter-bank buying and selling foreign exchange rates.
BOU has established that the variation in forex rates reported by various media is mainly due to different sources; and advises the media to accurately attribute their sources of market information. Timely and reliable market informationcan be obtained by visiting BOU’s website: www.bou.or.ug.
John Nandaah-Wamukota
Ag. Director, Communications
On behalf of Management
Bank of Uganda