In Uganda Shilling weakens on higher demand for dollars

"We're seeing demand in the interbank in anticipation of that dollar appetite."

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Ugandan shilling weakens on higher demand for dollars play

Ugandan shilling weakens on higher demand for dollars

(Today Gh)
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The Ugandan shilling fell on Monday amidst a surge in demand for the greenback by commercial banks as business activity resumes after the holidays.

At 0904 GMT, commercial banks quoted the shilling at 3,385/3,395, weaker than Thursday's close of 3,365/3,375.

"Firms are expected to start (dollar) buying as they return from holidays," said Faisal Bukenya, head of market making at Barclays Bank.

"We're seeing demand in the interbank in anticipation of that dollar appetite."

 

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