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Ugandan Shilling Steady with Expected Boost from remittance, exports foreign investments Inflows

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louis Buyisiwe

Mar 21, 2024

The Ugandan shilling remains stable

The Ugandan shilling was little-changed on Wednesday although dollar inflows from remittances, commodity exports and offshore investors were expected to give the local currency a boost, traders said.
uganda shillings notes

KAMPALA: The Ugandan shilling remains stable, with anticipated support from increased dollar inflows stemming from remittances, commodity exports, and foreign investments. As of now, the currency is trading at 3,870/3,880, showing minimal change from the previous day's close of 3,875/3,885.

The market eyes potential upliftment from the inflow of dollars, especially with the Bank of Uganda's announcement to auction Treasury bonds totaling 520 billion shillings ($134.37 million) in both 20-year and 3-year categories.

Such government securities sales are pivotal, as they not only aid in financing national projects but also influence the local currency's stability.

An increase in Treasury bond sales can attract foreign investment, leading to a stronger shilling due to the influx of foreign currency.

Investors and traders are closely monitoring these developments, predicting a positive impact on the Ugandan shilling's performance in the coming days. The outcome of the Treasury bonds auction, along with the sustained inflow of dollars, is expected to play a crucial role in shaping the currency's trajectory.

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