The Bank of Uganda
said on Monday it was intervening in the foreign exchange market by
selling hard currency, helping to push the shilling up to levels last
seen nearly three weeks ago.
The Ugandan shilling slid to 2,327/,331 per dollar on Monday before
the central bank stopped selling an unspecified amount of hard
currency. The rate reversed and the shilling hit a high of 2,295/2,300
per dollar, last seen on January 4.“The central bank has come into the
market again today,” said Lucas Ochieng of Orient Bank. “I think
they’ll be happy if the shilling appreciates to below the 2,300 level.”
