Kampala, Uganda | THE INDEPENDENT | Julius Businge | Centenary Bank General Manager in charge of financial markets Benoni Okwenje says the Uganda shilling trading with other foreign currencies’ especially the US dollar will largely remain unchanged in the week that starts tomorrow.
In a notice dated April 24, Okwenje said: “We see the shilling trading within a range of 3760 -3820 per US dollar.”
Commenting on its performance for the week ending April 24, Okwenje said that the shilling’s performance market was relatively quiet. It moved from 3745/55 to levels of 3780/90. “Customer activity has been rather subdued and the recent moves have been largely interbank driven. It looks like a new currency support level of 3750 has been formed.”
In the coming months, experts say, the local unit performance will depend on how fast countries relax stringent measures put in place to stop the spread of COVID-19 pandemic.
The measures in place are directly connected to the performance of the world economy.