By Richard Nsubuga, Head of Trading Absa Bank Uganda
The Uganda Shilling registered decent gains on Tuesday in a session that was dominated by strong inflows from the offshore, commodity and the local corporates amidst the waning demand attributed to the end of financial year tax payments and the ongoing easing geopolitical tensions in the Middle East.
It closed today’s session at 3675 / 3685 levels, firmer than opening levels of 3700 / 3710. The central bank continued to stay on the sidelines amidst the local currency appreciation.
Money markets were relatively liquid today trading at 9.88% and 10.00% for the overnight and one-week tenors, respectively. Bank of Uganda will tomorrow conduct this year’s last scheduled Treasury Bill auction worth Ugx 355 billion.
