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Bank pumps in US $10 million to prop up shilling

    ABIDJAN

    The Bank of Uganda (BoU) injected US $10 million into the money market last week in an attempt to “save” the country’s shilling, the semi-official ‘Sunday Vision’ said. It quoted a press release from the bank as saying it was “fulfilling its responsibility of maintaining market stability”. The bank said it would “closely watch the situation and appropriate measures will be taken as the need arises”. The country’s currency has been depreciating drastically, leading to BoU’s intervention on several occasions. Since the beginning of the year, the paper said, the bank has injected over US $120 into the forex market.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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