Uganda, otherwise known for its pot hole and parliamentary exhibitions, is also making headlines for its currency, the shilling, taking a dip in the financial pool. On a rather eventful Monday, the shilling opened trading at an eyebrow raising low of 3900/3910 per dollar.
Yes, you heard it right.
It seems our beloved shilling decided to take a little dip in Lake Victoria, and it seems to be enjoying the depths.
However, the day didn’t end on a completely somber note. As the day unfolded, the shilling decided to lift its spirits a tad bit and closed marginally stronger at 3885/3895 levels. It’s like watching a dramatic Indian soap opera unfold on Bukkedde TV, with twists and turns at every corner.
According to gossip—oops, sorry, I meant traders—fairly liquid money markets were seen during the day. Absa, the financial oracle of sorts, reported overnight yields averaging at 11.52%. Sounds fancy, doesn’t it? Well, if you’re into numbers and all that jazz.
And now for the highlight of the week!
The Bank of Uganda is all set to conduct a treasury bill auction amounting to a jaw dropping sh235 billion. That’s enough to buy a lifetime supply of Rolexes for the entire country, or so it seems. The offerings include sh15b on the 91-day bill, sh40b on the 182-day bill, and sh180b on the 364-day bill. It’s like a buffet of bills, pick your flavor and place your bids!
The Uganda Bureau of Statistics is scheduled to release the March 2024 inflation data on March 28, 2024. Gasp! The suspense is killing us! This data is expected to be the guiding light for key monetary policy decisions, all thanks to the weakening stance of our local currency against the almighty dollar.
We urge our readers to fasten their seatbelts and hold on tight as we navigate this rollercoaster banana economy. Who knows what surprises tomorrow holds? Perhaps the shilling will decide to do a somersault or two, just for kicks!
For any inquiries, drop us a line at editorial@ankoletimes.co.ug. We promise not to charge you in shillings!
Shilling Statistics:
| Treasury Bill | Offered Amount (in shillings) |
|---|---|
| 91-day | 15,000,000,000 |
| 182-day | 40,000,000,000 |
| 364-day | 180,000,000,000 |
(Data source: Bank of Uganda)
