Kampala — Britain's exit (Brexit) from the European Union has sent shock waves to the global financial system with the US dollar gaining substantially while leaving the Euro and Pound sterling devalued.
This has spilled over into the domestic market, with the Uganda Shilling depreciating from the average of Shs3,350 to a dollar to more than Shs3,400 in just two days. The Shilling last traded in the 3,400 ranges in February and appreciated into the 3,300 regions toward end of February where it has stabilised until last Monday.
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