What impact did the
Ugandan shilling's depreciation at the beginning of this year have, and what is your outlook on the currency?
A Ugandan-based firm can now pay for services in any of the three nations using the
Ugandan shilling and the respective clients will receive payments in their preferred currency.
In addition, high import costs due to high fuel prices exacerbated the devaluation of the
Ugandan shilling. The Organisation for Economic Cooperation and Development (OECD) estimates that by the end of 2011, Uganda had a budget deficit of 11.2% of GDP due to poor economic management [9].
Global Banking News-June 24, 2014--Central bank comments reduce value of
Ugandan shillingThe
Ugandan shilling dipped against the dollar this week, with the central bank spokeswoman Christine Alupo saying dollars had been sold to "maintain stability".
The bonds would be priced in the likes of South Africa rand, Botswana pula, Nigerian naira,
Ugandan shilling or Zambian kwacha rather than the U.S.
Although officially the Sudanese dinar is in use, the de facto currency changes from the US dollar in Rumbek to the
Ugandan shilling in Yei, to the Kenyan shilling in Kapoeta, to just about anything, including the New Sudan pound, in Juba.
One
Ugandan shilling (UGX) is worth approximately 0.0003 British pounds (GBP).
Currency:
Ugandan shilling. Exchange rate, 2,671 shilling to 1 [pounds sterling]
The economic anxiety contributed to a sharp decline in the
Ugandan shilling last year, with the local currency shedding at least 20 percent of its value against the dollar.
The
Ugandan shilling has depreciated at alarming rates, falling 12 per cent towards the end of 2014 and about three per cent in the beginning of this year to become one of the worst-performing currencies on the continent.
The
Ugandan shilling dropped to weaker levels on Wednesday because of demand for dollars in the interbank market, according to Reuters.
Ugandan shilling - the basic unit of money in Uganda; equal to 100 cents