WEEKLY ROUND-UP
Shilling strengthens<br>- KAMPALA<br>Offshore investor interest and inflows from international agencies have boosted the shilling against the dollar to trade below the 2,000- mark for the first time this year. The shilling touched the 1,990/1995 level p
Shilling strengthens
- KAMPALA
Offshore investor interest and inflows from international agencies have boosted the shilling against the dollar to trade below the 2,000- mark for the first time this year. The shilling touched the 1,990/1995 level per dollar in the inter-bank market on Friday, prompting the central bank to intervene to smoothen the spike in rates. This compares to 2,060/2,070 it traded last Wednesday. Some forex bureaux were quoting the unit at 1,980/1,990 per dollar. The appreciation was driven by offshore sellers. There is a lot of dollar supply against a backdrop of low corporate demand, dealers said.
MPs reject market deal
- KAMPALA
Members of Parliament (MPs) on the foreign affairs parliamentary committee have halted the construction of a proposed market in Juba, South Sudan. The committee in its report to Parliament on the recurrent and development estimates for the foreign affairs ministry for the year 2009/10 said there were no modalities for the management of the fund and the entire project. The sh1.733b market was anticipated to support Ugandan traders operating business in Juba.
Clearing agents move
- KAMPALA
The Uganda Clearing Industry and Forwarding Association (UCIFA) has cancelled a contract it signed with the Great Lakes Ports. Kassim Omar, the UCIFA chairman, indicated that the agreement did not outline the fate of the members and how their future operations would go.
- KAMPALA
Offshore investor interest and inflows from international agencies have boosted the shilling against the dollar to trade below the 2,000- mark for the first time this year. The shilling touched the 1,990/1995 level per dollar in the inter-bank market on Friday, prompting the central bank to intervene to smoothen the spike in rates. This compares to 2,060/2,070 it traded last Wednesday. Some forex bureaux were quoting the unit at 1,980/1,990 per dollar. The appreciation was driven by offshore sellers. There is a lot of dollar supply against a backdrop of low corporate demand, dealers said.
MPs reject market deal
- KAMPALA
Members of Parliament (MPs) on the foreign affairs parliamentary committee have halted the construction of a proposed market in Juba, South Sudan. The committee in its report to Parliament on the recurrent and development estimates for the foreign affairs ministry for the year 2009/10 said there were no modalities for the management of the fund and the entire project. The sh1.733b market was anticipated to support Ugandan traders operating business in Juba.
Clearing agents move
- KAMPALA
The Uganda Clearing Industry and Forwarding Association (UCIFA) has cancelled a contract it signed with the Great Lakes Ports. Kassim Omar, the UCIFA chairman, indicated that the agreement did not outline the fate of the members and how their future operations would go.