Business
Shilling extends losses to dollar in Tuesday’s session
The Bank of Uganda has announced an increase in the Cash Reserve Ratio for commercial banks by 250 basis points to 13.50%.
The local unit later retraced and closed the day at 3920 / 3930 levels.
By: Ali Twaha, Journalist @New Vision
KAMPALA - The Uganda shilling extended its losses today, touching the session’s low of 3930 / 3940 in the mid-trading hours of Tuesday’s trading session.
The local unit later retraced and closed the day at 3920 / 3930 levels.
Traders said demand was primarily driven by corporates in the energy and manufacturing sectors, with offshore participants still involved in the mix and adding further pressure on the currency.
Money markets remained liquid according to Absa data, with overnight funding rates averaging at 9.54%. Activity in the secondary market was relatively subdued, with most participants remaining on the sidelines.
The Bank of Uganda has announced an increase in the Cash Reserve Ratio for commercial banks by 250 basis points to 13.50%.
Money markets remained liquid according to Absa data, with overnight funding rates averaging at 9.54%. Activity in the secondary market was relatively subdued, with most participants remaining on the sidelines.
The Bank of Uganda has announced an increase in the Cash Reserve Ratio for commercial banks by 250 basis points to 13.50%.