In Uganda Shilling unchanged but seen firming on debt sale

At 1145 GMT, commercial banks quoted the shilling at 3,340/3,350, unchanged from Tuesday's close.

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Ugandan shilling firms on interbank selling, NGO dollar flows play

Ugandan shilling firms on interbank selling, NGO dollar flows

(Reuters)
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The Ugandan shilling was flat on Wednesday although market players were anticipating a boost from dollar inflows from offshore traders participating in a Treasury auction.

At 1145 GMT, commercial banks quoted the shilling at 3,340/3,350, unchanged from Tuesday's close.

Uganda Minister of Finance Matia Kasaija displays a briefcase carrying national budget before presenting it to the nation during a budget speech in Uganda's capital Kampala, June 11, 2015. REUTERS/James Akena play Uganda Minister of Finance Matia Kasaija displays a briefcase carrying national budget before presenting it to the nation during a budget speech in Uganda's capital Kampala, June 11, 2015. REUTERS/James Akena

 

"There's some anticipation of portfolio flows from offshore investors who took part in today's auction," said a trader at a leading commercial bank, referring to a sale of 185 billion shillings ($55.39 million) worth of Treasury bills on Wednesday.

Traders say Uganda's debt is attracting significant offshore appetite because yields have been high while inflation is relatively low.

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