In Uganda Shilling steady, foreign inflows at debt auction eyed

At 0824 GMT, commercial banks quoted the shilling at 3,470/3,480, unchanged from Friday's close.

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Ugandan Shilling play

Ugandan Shilling

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The Ugandan shilling was stable on Monday, helped by expectations that offshore investors would bid for local debt at this week's auction, leading to more foreign exchange inflows.

At 0824 GMT, commercial banks quoted the shilling at 3,470/3,480, unchanged from Friday's close.

Traders said demand for dollars was muted in slow trade ahead of a holiday on Tuesday. "We are also anticipating some inflows for this week's auction," said Ahmed Kalule, trader at Bank of Africa.

This week, Bank of Uganda, the central bank, is expected to sell a total of 180 billion shillings ($51.87 million)worth of 2-year and 5-year Treasury bonds.

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