Uganda Shilling appreciates slightly against US Dollar
On average, the Shilling gained 0.4% during the month, strengthening to an average mid-rate of sh3,653.4/$ from sh3,669.6/$ in April.
Uganda Shilling appreciates slightly against US Dollar
By Umaru Kashaka
Journalists @New Vision
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Movements within the foreign exchange market remained relatively stable in May 2025, with the Uganda Shilling registering a slight appreciation against the US dollar, according to official figures.
On average, the Shilling gained 0.4% during the month, strengthening to an average mid-rate of sh3,653.4/$ from sh3,669.6/$ in April. This is outlined in the Ministry of Finance’s Performance of the Economy report for May 2025.
The report attributes the Shilling’s appreciation to increased inflows from coffee exports, remittances, portfolio investments, and non-governmental organisations, alongside a weakening US dollar due to the impact of tariffs and retaliatory trade measures.
However, the Shilling continued to weaken against both the British Pound and the Euro. On average, it depreciated by 0.2% against the Euro and 1.4% against the Pound in May.
Among other East African Community currencies, the Kenyan Shilling appreciated by 0.2% against the dollar, while the Tanzanian Shilling, Burundi Franc, and Rwanda Franc all posted losses, depreciating by 0.7%, 0.2%, and 0.2% respectively.