Shilling sheds value as dollar demand grows; Central Bank to auction Ugx285 billion

The local currency continued to lose ground as both offshore and local interbank demand exceeded month-end inflows, Richard Nsubuga, a trader at Absa bank CIB Markets department said.

The shilling closed the day trading at 3855/3865, buying and selling respectively, weaker than the day’s opening of 3845/3855.

Liquidity in the money markets continues to be tight with overnight yields averaging at 10.35%. “Bank of Uganda will conduct a treasury bill auction this Wednesday worth Ugx285 billion and decent participation is expected from market players,” Nsubuga said. 

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