Shilling flat, could weaken on repo maturities

The Ugandan shilling was unchanged on Monday amidst subdued activity ahead of a national holiday on Tuesday.

Shahzadd Kamaluddin, a trader at Crane Bank, said the shilling could weaken if the central bank does not roll over repurchase agreements (repos) which are due to mature later in the week.

Last week Bank of Uganda (BoU) removed more than 500 billion shillings ($148.37 million) in excess liquidity from the interbank market via two repos which are due to mature this week.