July 1 (Bloomberg) -- Uganda’s central bank sold dollars in the domestic foreign-exchange market for a second successive day to stabilize the shilling after the currency fell to an 18-year low yesterday.
“We are in the market basically still to deal with the speculative tendencies,” Stephen Kaboyo, director of financial markets at the Bank of Uganda, said in a phone interview today from Kampala, the capital. The sale of dollars by the bank today was “sizeable,” he said.
The shilling gained 1 percent to 2,565 per dollar at 11:07 a.m. in the city.
To contact the reporter on this story: Fred Ojambo in Kampala at firstname.lastname@example.org
To contact the editor responsible for this story: Paul Richardson at email@example.com