Uganda: Locals Are Killing the Shilling By Consuming Too Much Imports

interview

Why has the Shilling continued to depreciate against the dollar?

The genesis of the Shilling's trouble is buried in the country's balance of payments. We consume more imported goods than we export. Basically given that the bulk of the imports are paid for in foreign currency, especially dollars, the country's demand for dollars by far exceeds its dollar inflows. Whereas this is situation has been in existence since we started cross border trade, it has recently worsened owing to recent developments in the global market/environment.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.