Bank pumps in US $10 million to prop up shilling

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.