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It’s no longer a question of what, but when. The government of Uganda says it will gradually phase out small denomination paper notes as one of the measures to reduce the cost of printing and circulating money. This is the second time the Bank of Uganda is committing to the recommendations of the International Monetary Fund (IMF) to reduce the cost of money. “Given high currency printing costs, we have conducted a market study to compare printing costs, and a cost-benefit analysis of replacing low denomination banknotes with coins,” the government told IMF in June last year in a letter…
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As Uganda comes to terms with the suspension by the World Bank of any future lending to the country over its recent passing of the Anti-Homosexuality Act (AHA) and what that could mean to a number of Bank-funded infrastructure and social service projects, another victim of the expected international pushback is the country’s currency- the Uganda Shilling. The Shilling which has, unlike its regional peers been resilient against the US dollar for much of 2023, opening the week at a strong UGX3600 on Wednesday 09th 2023 lost more than UGX40 in a single day’s trading, closing at an average of…
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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 local currency traded marginally stronger, pulling away from the key technical level of 3700, with both counters trading below that level as supply conditions improved, against subdued demand. Bid and ask quotes were at 3685/95. With the prevailing minimal volatility, markets were anticipating the Central Bank presence in the market on the buy side for reserve rebuilding. In fixed income segment, Treasury bill auction was well bid. 405 billion was tendered against an offer of 245 billion. Yields remained relatively flat, printing at 8.679%, 9.953% and 12.000% for 91, 182 and 364 days respectively. Regional performance In the regional…
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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 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 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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