Ugandan shilling gains slightly, seen easing due to importer demand - CNBC Africa

Ugandan shilling gains slightly, seen easing due to importer demand

East Africa

by Reuters 0

At 0803 GMT, commercial banks quoted the shilling at 3,435/3,445 to the dollar,compared with Friday's close of 3,443/3,453. Photo: Wikimedia

Uganda's shilling gained slight ground on Monday and traders said it was seen easing in coming days due to an expectation of increased importer dollar demand after last week's presidential election.

At 0803 GMT, commercial banks quoted the shilling at 3,435/3,445 to the dollar, compared with Friday's close of 3,443/3,453.

"If there is to be a bias, then we will see a bias towards dollar demand," Benon Okwenje, a trader at Stanbic Bank Uganda said.

But he added: "People are still taking a wait and see attitude to see what happens in the aftermath of the elections."

Uganda's Electoral Commission declared Museveni, in power since 1986, the winner of the Feb. 18 vote, but his main challenger has disputed the outcome.

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