The Uganda Shilling has continued to exhibit its strength as dollar demand in the market remains relatively sluggish.
By close of business yesterday, the shilling was trading at 2,462/2,472 against the US dollar, slightly stronger than it traded at the close of last week when it traded at 2,465/2,475.
Speaking to the Daily Monitor,
ImpactExperts say the shilling's strength is not a good sign for a country which is promoting her export industry and if the situation continues in favour of the local unit, the annual export value will definitely drop.
On the other side, importers are now able to purchase more products.
"This trend in the shilling strength is good for the economy since
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Some California Cities Seeking Water Independence
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Obama Seeks to Stay Neutral in CIA-Senate Conflict
- Will Missing Malaysian Jet Prompt Aviation System Change?
- GM Recall Poses First Major Test for New CEO