The Uganda shilling reversed course and slightly strengthened as end month flows gave support amid subdued demand. The unit traded below the 3800 level for the first time in months. The shilling appreciation bias was expected to be short lived as economic variables in particular inflation painted a bleak picture going forward. In Kenya, the currency took a hit, trading at a fresh record low trading above 120, undermined by elevated demand from oil importers. In the bond market, upward pressure on yields took center stage as markets players slammed huge risk premium on the prices. The worsening fiscal outlook…
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