The week’s opening session was quiet overall with the Uganda shilling maintaining trading within the 3898/3908 trading range throughout the day with balanced activity on the supply and demand side.

Fairly liquid money markets on Monday, with overnight yields at averages of 11.75% according to Absa. Bank of Uganda is scheduled to hold a Treasury Bill auction on March 13, 2024.

Catherine Kijjagulwe, head of trading at Absa said: “The currency is still likely to face bouts of volatility before it comfortably settles in a particular direction due to a number of factors like upcoming dividend payments, inflows expected from agricultural products like coffee, and usual flows from NGOs and remittances.”