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The Ugandan Shilling was relatively stable with flows from commodity Exeter’s and offshore investors lending support. The unit held in a narrow range of 2715/25. In the neighbouring Kenya market, the Kenyan Shilling lost ground on elevated dollar demand from various sectors, trading at 137.38, and was kept to surrender more ground. In the bond market, the 5 and 20-year bond yields held at 14.750% and 16.250%. The market tendered UGX 726 billion against the offered UGX400 billion. However, the Bank of Uganda was only able to take up UGX226 billion, being mindful of premium bids and their impact on…
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The Uganda shilling was relatively volatile as it responded to the demand and supply imbalances in the market. Investor sentiment and trading moves were see-sawing most of the sessions. Trading was in the range of 3510/20.In bond market, BOU converted UGX345.9 billion that were due to mature in June extending the maturities to 2023 and 2040. The market response was overwhelming, bids in excess of 570 billion were received. The rationale behind the conversions was to manage lumpy maturities and ease government cash flows.In the regional markets, the Kenya shilling held steady ahead of the sale of the infrastructure bond…
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The Ugandan Shilling this week, traded flat against a muted demand for the US Dollar. The shilling was on one hand supported by end month flows from charities and coffee export inflows coupled by Bank of Uganda liquidity mop-up operations that took out UGX839 billion equivalent to USD222 million.In the interbank Shilling market overnight funds traded at an average 5.1% while one-week funds traded at 6%.Regional marketsIn the regional currency markets, the Kenya Shilling was on the ropes, undermined by elevated end of month demand from manufacturers and importers. Market players were also seen building positions ahead of expected dividend…
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The Uganda Shilling remained stable for most of the trading session, opening the week in the range of 3788/98 and closing at 3785/95 on the back of hard currency flows from the treasury auction and commodity exports amid depressed importer demand for forex.In the fixed income segment, the market continued its appeal, attracting huge uptake from an investor base that was largely domestic and some trickle in from offshore. Yields dropped slightly as compared to the previous treasury auction, printing at 8.604%, 10.711% and 12.267% for the 91, 182 and 364-day tenors. Amount on offer was UGX140 billion, with the…
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The UGX closed the week steady riding on the positive sentiment generated by the news of IMF disbursement designed to assist the country deal with the economic effects of Covid-19. Trading was in the range of 3795/3805. Yesterday, Wednesday, May 6th IMF announced that it had approved a disbursement to Uganda of USD491.5 million (UGX1.87 trillion) under the Rapid Credit Facility (RCF) to help deal with the effects of Covid-19. (CEO East Africa understands that USD350m will be used support Balancing of Payments- to buffer up foreign reserves at Bank of Uganda to a five and half months level while USD150m will go…
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The forex market was calm with the UGX trading flat for most of the trading sessions as market activity was at the lowest ebb. Market players were seen on the fence as demand dipped due to the lockdown. Trading was in a narrow range, holding at UGX3765/3775 on the bid and ask. In the fixed income segment, a treasury bond auction of a 2 year and 5-year bond was held at fixed coupons of 11.00% and 14.00% Amount on offer was split as UGX75 billion and UGX210 billion for the 2 and 5-year respectively. Both tenors were oversubscribed and yields…
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Following a short-lived rebound early in the week, the local currency fell to a weekly low, testing the resistance level of UGX3,800, undercut by a pickup in demand from market players as risk sentiment deteriorated on account of a negative report indicating that exports declined by 8.7%, which meant minimal inflows from the export sector. The fixed income segment had a treasury bill with UGX225 billion on offer. Yields edged up on the short end of the market with the 91-day and 182-day printing at 9.249% and 11.349% respectively up from 9.24% and 10.751% as at March 25th. However, market…
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BOU to cut the policy rate for April 2020 Globally Central Banks have reacted en masse to prop up their economies in the face of the Covid-19. BOU is expected to move alongside its peers and slash its policy rate; a bigger cut than usual is expected to send a much strong signal in light of the severe risks that the economy faces. While a hawkish, warlike policy from the Central Bank, is necessary at this stage, it will not work independently. The government must move in tandem and consider other fiscal measures that will protect businesses and minimize the…
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