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African currencies outlook: Uganda shilling to remain on the ropes

Posted on 19 November 2012

The Ugandan and Tanzanian shillings are expected to come under pressure next week because of a surge in dollar demand from domestic importers, while the Ghanaian cedi is expected to benefit from a $650 million syndicated loan. Uganda’s shilling is forecast to struggle against the dollar in the coming week as a spike in demand from fuel firms and other importers adds further pressure on already tight dollar supplies.
On Thursday, commercial banks quoted the shilling at 2,605/2,615, weaker than last Thursday’s close of 2,587/2,597. Pressure has been mounting on Uganda’s currency this week, mainly driven by importers looking to stock goods for Christmas holiday shoppers. The shilling has shed nearly 5 percent of its value in the year to date……………………………………….Full Article: Source


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