On Friday, July 26, 2024, trading in the Uganda shilling was relatively subdued. The shilling opened the session at 3735/3745 but showed a slight improvement by the close, ending at 3720/3730.
Catherine Kijjaggulwe, head of trading at Absa, noted that end-of-month inflows contributed to the shilling’s marginal strengthening. This occurred alongside limited demand activity throughout the trading day.
In a related development, the Bank of Uganda managed excess liquidity by conducting a 6-day Repo operation, absorbing 117 billion shillings from the market. Money market conditions remained liquid, with overnight yields averaging 9.98%.
Looking ahead, the Bank of Uganda is scheduled to hold a treasury bill auction on July 31, 2024.
