Bloomberg News

Uganda Shilling Heads for First Weekly Gain in Seven on Inflows

September 02, 2011

Sept. 2 (Bloomberg) -- Uganda’s shilling, the world’s worst-performing currency this year, headed for the first weekly increase in seven against the dollar as non-governmental groups received the U.S. currency from their international financiers.

The currency of East Africa’s third-biggest economy appreciated 0.3 percent to 2,812.5 per dollar by 1:33 p.m. in the capital, Kampala, extending its advance this week to 0.4 percent, according to data compiled by Bloomberg. The currency has lost 18 percent against the dollar this year.

The gain is due to “beginning of the month dollar inflows to the non-governmental sector,” Benon Okwenje, head of currency trading at Standard Bank Group Ltd.’s local unit, said by phone today.

--Editors: Ana Monteiro, Emily Bowers

To contact the reporter on this story: Fred Ojambo in Kampala at fojambo@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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