ugandan_diaspora_social_networking_event_2015_00

Ugandan Shilling, World’s Worst Performing Currency, Heads for Weekly Drop

0
Posted July 22, 2011 by Ugandan Diaspora News Team in Business ~ 1,923 views

     

By Fred Ojambo ~ Uganda’s shilling fell to its lowest level against the dollar in more than a week as companies bought the U.S. currency to finance the import of raw materials.

The currency of Africa’s second-biggest coffee producer declined as much as 0.2 percent to 2,600.50 per dollar at 3 p.m. in the capital, Kampala, the lowest level since July 13. The shilling closed at 2,595 yesterday.

The shilling fell because of “manufacturers who were on the buy side,” Faisal Bukenya, a trader at the Ugandan unit of Barclays Bank Plc, said in an interview from Kampala.

The Ugandan currency is the world’s second-worst performer over the past month, after Serbia’s dinar, having declined 4.2 percent against the dollar, according to data compiled by Bloomberg. The shilling has weakened as inflation accelerated to a 17-year-high of 16 percent in May, before slowing to 15.8 percent last month.

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


About the Author

Ugandan Diaspora News Team

Ugandan Diaspora News Online is an independent, non political news portal primarily aimed at serving Ugandans who work and reside outside Uganda. Our aim is to be a one stop shop for everything Ugandan and the celebration of our Ugandan heritage.

0 Comments



Be the first to comment!


Leave a Response


(required)

ugandan_diaspora_social_networking_event_2015_00