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[RwandaLibre] Independent - 1 hour ago: Shilling depreciates against US dollar by 2.3%

 

Shilling depreciates against US dollar by 2.3%

Independent - 1 hour ago
WEDNESDAY, 25 JUNE 2014 21:48 BY JULIUS BUSINGE
  
The Uganda Shilling has depreciated against the 'popular' United
States Dollar (USD) by 2.3 percent over the last 15 working days,
according to Bank of Uganda (BoU).

It said, as of June 24, the local unit depreciated to Shs 2,616 per US
dollar from Shs 2,556 as of June 02, 2014.

In a statement released on June 25, Edward Tenywa, the assistant
director, communications department at BoU said, the depreciation is
mainly a reflection of the evolution of key determinants of the
exchange rate in the market namely; lowering of interest rates on
Uganda government securities which has made other emerging and
frontier markets relatively more attractive, and the strong corporate
demand for foreign currency on account of dividend payments.

Adverse sentiments about future donor flows have also played a role,
according to Tenywa. To stem the depreciation, he said, Bank of Uganda
intervened on June 24 and this has restored stability in the foreign
exchange market. He did not give the specifics.

He added that Bank of Uganda has more than US$ 3 billion of foreign
exchange reserves to support the currency in the event of serious
pressures in the foreign exchange market.

James Mutuku, the head of financial markets at Standard Chartered Bank
said on June 21 that corporate tax payments are expected to give the
local unit support while continued interbank demand should balance
that out. Mutuku expects the unit to trade in the range 2575-2625 per
US dollar by end of this week.

http://www.google.ca/gwt/x?gl=CA&hl=en-CA&u=http://www.independent.co.ug/business/business-news/9090-shilling-depreciates-against-us-dollar-by-23&source=s&q=Shilling+depreciates+against+US+dollar+by+2.3%25

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