Uganda Ranked Second in Ease of Access to Forex

A man walks past forex bureau rate boards (file photo).
24 February 2021

Uganda ranks second best in Africa in the ease of access to foreign exchange, according to the Absa Africa Financial Markets Index 2020.

The country scored 67 coming behind South Africa, which, according the index, scored of 80.

Uganda's foreign exchange market is fully liberalised, which offers investors and the general public an opportunity to access foreign currency in banks and forex bureaus.

The Africa Financial Markets Index focuses on a variety of parameters to record openness and ease with which customers access foreign exchange.

It scores countries on a scale of 10-100 on the basis of depth of markets, openness, transparency, legal environment and macro opportunity.

Rwanda was ranked third with a score of 66 while Tanzania and Kenya scored 59 and 57, respectively.

Dr Michael Ating-Ego, the Bank of Uganda deputy governor, while responding to the report, said Uganda's strength in access to foreign exchange is anchored on a liquid forex market, healthy reserves and vibrant interbank swap and forward market.

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