Uganda, Jan 9 – We are barely in the midway point of the first month and market analysts have issued a major concern in the economy.
The energy and manufacturing sector has played a role in weakening the Uganda shilling. Kicking off on a weaker note, the dollar demand has dented the power of the Uganda currency in the market.
Following a report published by Alpha Capital Partners, Stephen Kaboyo show the country’s currency traded between 3640/3650 in the previous week.
The report indicated as well an offer of sh140b in the fixed income market. The yields for the 91 day treasury bills were 8.307%.
The downward trend that was prevalent in past few months seems to be taking a stand as market analysis sees the rates rising.
The Kenya shilling in the regional markets kicked off the first trading week on a low note and with the high demand of the dollar, the currency could depreciate the more.