Business

BoU To Take Action As Shilling Drops

Bank of Uganda is set to roll out a set of interventions to arrest the plummeting value of the Uganda Shilling.

The Central Bank announced this morning that it would take measures to tame the continued depreciation of the shilling arising from speculative tendencies.

“Whereas the US dollar continues to strengthen globally and local demand for dollars with the resumption of business continues to pick up after the festive season,  the Bank of Uganda has noted some speculative tendencies that have exacerbated the depreciation of the Uganda shilling, ” reveled the Bank in a brief statesmen

The declaration however, doesn’t entail the particular measures that the Central Bank intends to take to this effect.

It is anticipated that the currency could weaken even further as the country moves toward the general elections next year, due to stronger domestic demand and exchange-rate moves.

Since early last year, shilling has continued to lose value against the US Dollar and currently stands at 2,855 per dollar in Kampala.

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