Business
Shilling holds range on remittance inflows
Traders said trading was characterised by subdued dollar demand, with most corporate players remaining on the sidelines as market activity continues to recover in the early days of the new fiscal year.
Shilling holds range on remittance inflows
By: Ali Twaha, Journalist @New Vision
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The Uganda shilling was largely unchanged against the dollar in Monday’s session, holding at 3,645/3,655.
Traders said trading was characterised by subdued dollar demand, with most corporate players remaining on the sidelines as market activity continues to recover in the early days of the new fiscal year.
Richard Nsubuga, a market analyst, said inflows from the commodity sector and remittance companies provided adequate support, helping to keep market conditions balanced and the currency stable.
Exim Bank’s treasury department said the local unit maintained its stance “amid continued commodity export receipts and persistent demand from importers.”
Money market conditions remained liquid, according to Absa, supported by fiscal year-end and quarterly government releases. Overnight and one-week rates averaged 9.75% and 9.95%, respectively.
Exim Bank’s treasury department said the local unit maintained its stance “amid continued commodity export receipts and persistent demand from importers.”
Money market conditions remained liquid, according to Absa, supported by fiscal year-end and quarterly government releases. Overnight and one-week rates averaged 9.75% and 9.95%, respectively.