The Uganda Shilling is forecast to stabilise as the high US dollar demand from importers, which sent the local currency tumbling to a 13-month low in recent days, starts to recede, according to Dickson Magecha, the Forex Trader at Standard Chartered Bank
Magecha said at the end of the week commercial banks quoted the shilling at 2,675/2,785, weaker than last week's close of 2,640/2,650, but better than the intra-week low of 2705/15 hit on Wednesday. A combination of soaring greenback demand from importers and offshore investors has pressured the shilling over the last two weeks, prompting the Central Bank to intervene several times to stem the fall.
...