Shilling weakens on dollar demand, geopolitical tensions
The Uganda shilling came under pressure during the week, weighed down by strong demand for the US dollar from local market players and offshore investors, alongside renewed geopolitical tensions in the Middle East. The local unit depreciated to close at 3670/3680, compared to the week’s opening levels of 3645/3655. Despite
Shilling strengthens on FX inflows as markets eye new financial year pressures
The Uganda shilling strengthened this week, supported by end-of-financial-year tax conversions and steady dollar inflows from remittance firms, commodity exporters and offshore players, amid subdued corporate demand. By Friday morning, the local unit was trading at 3,645/3,655, an appreciation from the week’s opening levels of 3,690/3,700. Market analysts attribute the
Activists demand halt to Uganda–DRC oil expansion over transparency concerns
Civil society coalitions Notre Terre Sans Pétrole (NTSP) and Stop EACOP have called on the governments of Uganda and the Democratic Republic of Congo (DRC) to suspend plans for transboundary oil expansion in the Albertine Graben, citing lack of transparency and potential environmental risks. The groups say ongoing discussions between
Shilling Weakens on Corporate Dollar Demand as Global Pressures Mount
The Uganda shilling traded under sustained pressure this week, weighed down by persistent corporate demand for the US dollar and limited foreign currency inflows. Market activity showed that dollar supply from entities settling end-of-financial-year tax obligations was insufficient to support the local unit. At the same time, offshore investor appetite
Shilling strengthens on dollar inflows, improved investor sentiment
The Uganda shilling strengthened during the week, supported by robust dollar inflows from commodity exporters and offshore investors, even as corporate demand remained subdued. Market players noted that many corporates opted to preserve shilling liquidity to meet their end-of-financial-year tax obligations, easing pressure on the local unit. The shilling traded at
Stable Shilling Masks Rising Liquidity and Borrowing Pressures
The Uganda shilling remained broadly stable against the US dollar during the week, trading within the 3,755–3,775 range. However, signs point to potential appreciation in the near term, as corporate demand is expected to ease, with many firms conserving shilling liquidity to meet end-of-financial-year tax obligations. The currency pair was
Uganda Shilling Holds Steady Amid Global Economic Uncertainty
The Uganda shilling remained stable against the US dollar over the week, trading within the 3765/3775 range, unchanged from its opening levels, according to Richard Nsubuga, Acting Head of Trading, CIB Markets at Absa Bank Uganda. He attributed the stability to a balance between demand and supply in the foreign
Uganda Shilling Gains as Dollar Demand Eases
The Uganda shilling registered gains this week, a move largely attributed to subdued demand for the currency amidst inflows from commodity exporters, remittance firms and charity organizations. The local unit was seen trading stronger at 3765 / 3775 levels compared to the week’s opening of 3778 / 3788 levels. Looking
Shilling slides further as dollar demand surges, global tensions bite
The Uganda shilling has continued its losing streak, weakening to 3775/3785 against the US dollar this week, down from 3750/3760 at the start of last week, as demand for hard currency tightened its grip on the market. Traders say the pressure came mainly from heavy dollar demand by corporates in
Shilling Weakens Slightly Amid Dollar Demand, Global Uncertainty
The Uganda shilling weakened slightly this week, trading at 3,750/3,760 against the US dollar, compared to the previous week’s opening of 3,745/3,755. The depreciation was largely driven by increased demand for hard currency from offshore players and the local interbank market, while corporate players remained on the sidelines, holding shillings
