Shilling strengthens during the trading week

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The Uganda shilling closed the week at highs of 3775/3785 having opened the Friday session at the 3787/3797 levels, the narrative remained the same with the dollar inflows outweighing the dollar demand during the session.

On a week on week analysis, the shilling strengthened 0.63% against the US Dollar from week’s closing price of 3,809/3,819.

Overnight yields traded at averages of 12.03%, money markets faced tight liquidity conditions on Friday according to Absa traders.

The Bank of Uganda is scheduled to hold a Treasury Bill auction on May 8, 2024.