Uganda Shilling Depreciates Against Dollar as BoU Mops up sh450b

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The Uganda shilling depreciated during Wednesday’s trading session to close the day at 3665/3675, marginally weaker from the day’s opening of 3660/3670 driven by interbank and corporate demand.

Money Markets were tight during the day trading within 7.00% -10.50% driven by mid-month tax remittances. Money market maturities on Thursday should ease the tightness.

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Bank of Uganda (BoU) held a sh450 billion 3-year and 10-year Treasury Bond auction that was well subscribed and yields cleared at averages of 13.997% and 15.970% respectively. 

BoU will hold a sh245billion Treasury Bill auction on March 24, 2021.

Head of Trading at Absa Bank Uganda.

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