Bloomberg News

Uganda Sells ‘Sizeable’ Amount of Dollars to Stabilize Shilling

July 01, 2011

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 fojambo@bloomberg.net

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net


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