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The local currency weakened, pausing an advance in the previous sessions that saw the currency on the gaining side. Markets players were seen earlier in the week reposition. The unit traded in the range of 3700/3710.In the fixed income segment of the market, yields slightly dropped underpinned by significant demand as institutional remained net buyers in the absence of other financial products while private sector credit remains at the lowest level. Yields printed at 7.558%, 9.621% and 12.502% respectively. Kenya shilling hits historical lowIn the regional market, the Kenya shilling hit a new historical low, trading at 109.20 signaling rising…
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Ahead of the Central Bank’s announcement of its June 2020 Monetary Policy, experts have predicted that Bank of Uganda, will further cut its Central Bank Rate (CBR), in a bid to stimulate economic growth. If this comes to pass, this will be the second time the Central Bank is cutting the CBR to historic lows following an April 6th decision to reduce it by 1 percentage point to 8 per cent- the lowest-ever rate since the CBR was introduced as a monetary policy tool, back in July 2011, then at 13per cent. In May, the CBR remained at 8 per…
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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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