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Currency Update: Uganda Shilling Remains Firm

The Uganda Shilling held steady against the US dollar during the week ending 24th March 2017 as demand and supply remained balanced.

The absence of strong corporate demand over the past few weeks   provided an opportunity for Bank of Uganda (BoU) to purchase dollars for their reserve build up. Trading was in the range of 3690/3600.

In the fixed income market, a 3 year bond fetched a coupon of 18.625% and a yield of 15.084%, Shs60 billion was on offer.

The 15 year bond coupon was 16.375% and the yield declined to 16.388 from 17.185%, with Shs100 billion on offer. Both bonds were oversubscribed.

In the international currency markets, the US dollar faltered as markets remained nervous on the new economic agenda of Trump administration as well the cautious Federal Reserve commentary.

In commodities market, oil prices recovered, but the market remained under pressure on US inventories and rising output, as these factors were seen to undermine OPEC efforts to control production.

“Outlook point to a range bound shilling as end month inflows are likely to provide some level of support,” Stephen Kaboyo, the Managing Director at Alpha Capital Partners says.

 

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