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Bank Of Uganda sells dollars as shilling slides

Friday, 12th August, 2011

UGANDA's central bank said on Friday it was in the local market to sell hard currency after the shilling fell to a new all-time low settled price of 2,827.9 shillings per dollar.

"Yes, Bank of Uganda has come into the market, selling dollars," said Faisal Bukenya, head of market making at Barclays Bank Uganda.

In the moments after the central bank's announcement, the shilling strengthened to trade at 2,780 against the dollar, Thomson Reuters data showed.

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