• Mon, December 9, 2024

by: Daily Monitor

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BoU banks on oil, mining inflows for stable shilling

Bank of Uganda has said increased capital inflows in mining and oil are expected to continue supporting the shilling, which has held a steady position for the better part of 2024. The shilling closed last Friday at Shs3,673.18 against the dollar, which is a strong improvement from a weak of above Shs3,800 in February.
The article from the Monitor discusses the Bank of Uganda's (BoU) strategy to stabilize the Ugandan shilling by leveraging expected foreign currency inflows from the oil and mining sectors. The BoU anticipates that the upcoming oil production and related investments, along with revenues from mining activities, will bolster the country's foreign exchange reserves. This strategy is seen as crucial especially in light of the shilling's recent volatility, which has been influenced by global economic pressures and local economic activities. The central bank's approach includes maintaining a tight monetary policy to manage inflation while ensuring that the shilling remains competitive. The article also highlights the potential economic benefits from these sectors, including job creation and infrastructure development, which could further support the shilling's stability. However, it notes that the success of this strategy heavily depends on the timely realization of these projects and the global commodity prices.

Read the Full Daily Monitor Article at:
https://www.monitor.co.ug/uganda/business/finance/bou-banks-on-oil-mining-inflows-for-stable-shilling-4851204

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