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Uganda Shilling Holds Firm Despite Chaos Over Age Limit Removal Motion

The Uganda shilling held firm on account of improved end month inflows despite protests against age limit removal motion that dominated the week.

Trading was in the range of 3595/3600 during the week ending 29th September 2017.

In the inter-bank shilling market, overnight funds traded at 8% while the 1 week funds traded at 9%.

In the fixed income market, 150 billion was on offer for the treasury bills. Yields marginally dropped across all tenors to 9.447%. , 9.301%, 10.296% for 91,182 and 364 days. The auction was oversubscribed.

In regional currency markets, the Kenya Shilling was stable underpinned by strong inflows against weak demand, holding at 103.20/40.

In the international currency markets, the US dollar was bullish riding on optimism about the fiscal reforms as outlined in the biggest tax overhaul in decades.
Stephen Kaboyo, an analyst and Managing Director at Alpha Capital Partners says Uganda Shilling forecast indicates stability in the coming week, trading in a narrow range, with a slight bias of strengthening as end month inflows spill over into the new month.

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