Kampala, Uganda | URN | Bank of Uganda Governor Michael Atingi-Ego has rejected suggestions that Uganda’s Sovereignty Bill may have contributed to the recent depreciation of the shilling, attributing the currency’s weakness primarily to a widening current account deficit and reduced portfolio investment flows. The Protection of Sovereignty …
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The strongest protection is not just raising interest rates or special windows for dollars. It is building an economy that sells more than it buys from the rest of the world COMMENT | MORRISON RWAKAKAMBA | In simple words, Uganda needs to earn more dollars than it spends, year …
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In this letter to the Finance Minister, Rwakakama outlines a third path between spending the reserves buffer and watching the shilling. COMMENT | MORRISON RWAKAKAMBA | Dear Henry Musasizi, Minister of Finance, Planning and Economic Development. I write on the evening of our 64th Independence, as a citizen in the coffee …
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The sudden freeze threatens the stability of an economy built on US dollars. Harare, Zimbabwe | Global Press Journal | Batsirai Mutara started selling cheese and dairy products from a makeshift roadside stand when he was 27. It was a far cry from his former office job, where inflation devoured his paycheck, …
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Kampala, Uganda | THE INDEPENDENT | Quarterly Review of the Performance of Uganda’s Financial Markets, with Catherine Kijjagulwe, Head of Trading at Absa Bank Uganda. ****** QUESTION: How did the shilling open the second quarter of the year? The shilling opened the second quarter of the year (April 2023) trading at the …
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Kampala, Uganda | Christopher Adam | A number of African countries, including Kenya, Egypt, Zimbabwe, Nigeria, Ghana and Zambia, are currently experiencing shortages of US dollars. The dollar is the dominant currency in international transactions. These countries rely on the U.S. currency to pay for foreign debts, essential goods and industrial …
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Just after 1230 GMT, gold rallied to $1,731.25 an ounce on the London Bullion Market, striking a peak last seen in November 2012. The dollar slid against main rivals Tuesday in the wake of the Federal Reserve’s ongoing stimulus policies that are aimed at cushioning the blow to the world’s …
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Kampala, Uganda | THE INDEPENDENT | The Uganda shilling has come under pressure against the dollar as people go into panic buying of dollars due to coronavirus. On Tuesday, March 24, the Bank of Uganda quoted the shilling at Shs 3,893/3,903 buying and selling respectively against the dollar. This is …
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Malaba, Uganda | THE INDEPENDENT | A Sudanese national has been arrested trying to cross into Uganda from Kenya with material that Uganda Revenue Authority believes is for making fake US dollars. The suspect, Duach Chuol Kaylech Toang, was held after his luggage at Malaba One Stop Border Post (OSBP) …
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Geneva, Switzerland | AFP | If someone tells you they flushed more than a hundred grand down the toilet, chances are they’re referring figuratively to a bad investment, or an outrageous extravagance. But in Switzerland, prosecutors have opened an investigation into why two people literally tried to cram about 100,000 euros …
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The Independent Uganda: You get the Truth we Pay the Price
