The Uganda shilling remained stable during Friday’s trading session, holding firm at the 3660/3670 levels throughout the day. According to market observers, there was a balanced supply and demand for the US dollar, which helped maintain the shilling’s steady performance.
Money markets were reported to be fairly liquid during the day, with overnight yields averaging 10.97%, based on data from Absa Bank. The liquidity conditions in the market suggest a stable environment for short-term borrowing.
In related developments, the Bank of Uganda has announced a Treasury Bill auction set for October 10, 2024. Additionally, the Monetary Policy Committee (MPC) will hold its meeting on October 7, 2024, where key decisions regarding interest rates and monetary policy direction are expected to be discussed.
The stable performance of the Ugandan currency reflects balanced market conditions, with no major disruptions in the supply or demand for foreign exchange. This has provided a sense of calm in the markets ahead of the upcoming Treasury Bill auction and the MPC meeting.
| Key Financial Updates | Details |
|---|---|
| Shilling Trading Range (Friday) | 3660/3670 |
| Money Market Liquidity | Fairly liquid |
| Average Overnight Yields | 10.97% |
| Upcoming Treasury Bill Auction | October 10, 2024 |
| Monetary Policy Committee Meeting | October 7, 2024 |
