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Browsing: Barclays Bank Uganda
Uganda’s monthly foreign exchange between banks stabilise at $20m
Speaking during a panel discussion on the current state of the financial markets at the Barclays Bank organised dealers meeting last week, Mr Peter Mbowa, the Barclays Bank (Absa) Uganda head of treasury, said there has been a steady inflow of foreign currency into the market.
He also noted that “On average, the volume of dollars traded in the interbank market is about $20m a month.”
He further added that wholly Uganda has a dollar demand of $800m per month with exports needing at least $300m in comparison with $500m for the import bill.
However, Mr Mbowa said the Ugandan currency market lacks sophistication and it cannot absorb large volumes of foreign currency.
During the meeting, Brenda Lwanga, a currency trader at Citi Bank Uganda, said that Ugandan shilling has been strong against the dollar because of a strong currency …