The Uganda shilling slumped to an all time record low against the dollar, breaching a crucial psychological level of 3800 on increased demand mainly from offshore portfolio investors exiting the fixed income market. In the regional currencies, the Kenya shilling cooled off as demand for dollars waned as markets were in a wait and see mode, trying to determine the next trading level as elections drew closer.In the fixed income market, resident investors continued to place a risk premium on government paper as government revenues remained structurally low, with short term to medium outlook for public finance looking hazy. While…
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