Home » Breaking News, Business » Uganda Shilling Steady vs Dollar Due to Tight Liquidity

The Ugandan shilling  remained unchanged against the dollar on Wednesday  just as it was on Tuesday.

At 1020 GMT commercial banks quoted the Shilling at 2,470/2,475, the same as Tuesday’s closing price.Earlier in the session the shilling had firmed a fraction to 2,467/2,477 at 0903 GMT.

“Tight liquidity conditions are likely to keep the shilling more or less in a stable range,” said Seif Kiwanuka, head of treasury at Diamond Trust Bank.

“But we might see a breakout on the higher (weaker) side in the short term as the impact of the policy easing unfolds and shilling supply improves.”

The central Bank of Uganda cut its benchmark lending rate to 19 percent on Tuesday from 20% last month.

BY UP