How the shilling opened Monday’s session

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The Uganda shilling was volatile during Monday’s opening session with trading opening at 3805/3815.

The unit briefly touched lows of 3812/3822 and later settled at the 3810/3820 levels at close.

Absa traders noted that “healthy corporate demand with mid-month taxes out of the way outmatched the commodity, remittance, and month-end inflows that slowly trickled into the market.” 

Money markets continued to face tight liquidity conditions with overnight yields at averages of 11.97%. The Bank of Uganda is scheduled to hold a treasury bill auction on April 24, 2024.