Central Bank to auction Ugx550billion this week

Bank of Uganda (BoU) will auction Ugx 550 billion 5-year and 20-year Treasury Bond auction on Wednesday 7th September 2022, a report by Absa Uganda indicates. This comes after Uganda Revenue Authourity (URA) registered an outturn for the financial year ended June 2022 of Ugx21.7 trillion, missing targets by Ugx704 billion.

“Rangebound trading during the week’s opening session saw the shilling maintaining trading within the 3820/3830 trading range with balanced activity on the supply and demand side throughout the day,” Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda said.

She noted that the Money Markets were liquid on Monday with overnight yields at averages of 9.250%.

Hitherto, the dollar was firm last week as stronger-than-expected U.S. economic data and hawkish Federal Reserve comments pointed to higher interest rates, while rate-hike bets in Europe also have the common currency clinging on above parity.

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