Business
Shilling firms slightly in Wednesday’s session
Traders said the move was largely supported by strong dollar supply on the interbank market. Mid-month tax remittances to government underpinned demand for the local currency, while corporate dollar demand remained largely on the sidelines.
Shilling firms slightly in Wednesday’s session
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling recorded slight gains against the dollar during Wednesday’s session, closing firmer at 3705/3715 from opening levels of 3720/3730.
Traders said the move was largely supported by strong dollar supply on the interbank market. Mid-month tax remittances to government underpinned demand for the local currency, while corporate dollar demand remained largely on the sidelines.
Traders said the move was largely supported by strong dollar supply on the interbank market. Mid-month tax remittances to government underpinned demand for the local currency, while corporate dollar demand remained largely on the sidelines.
In the money markets, markets remained liquid according to an Absa report following a recent wave of government releases, with overnight and one-week funding rates averaging 9.50% and 9.90%, respectively.
In the debt market, the Bank of Uganda conducted a treasury bond auction, reopening the benchmark 3-year, 10-year, and 20-year Treasury bonds with a total offer size of sh990b. The benchmark bonds cleared at yields of 12.00% (3-year), 15.00% (10-year), and 15.65% (20-year).
In the debt market, the Bank of Uganda conducted a treasury bond auction, reopening the benchmark 3-year, 10-year, and 20-year Treasury bonds with a total offer size of sh990b. The benchmark bonds cleared at yields of 12.00% (3-year), 15.00% (10-year), and 15.65% (20-year).