The Uganda shilling was caught in crossfire of a strengthening dollar as the local market stayed long USD. Markets remained cautious as weekly losses for risky assets were exacerbated by sterling’s decline in what was a volatile week in the financial markets. The unit held in the range of 3880/90. In fixed income market, yields continued to rise in line with uptick in headline inflation and on the back of currency depreciation. With tight fiscal conditions , government is expected to step up their borrowing efforts in the domestic market to fund a higher fiscal deficit. Short yields cleared at…
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