Uganda FX Reserves Rise 56 Percent
Ugandas foreign exchange reserves surged 56 percent to 6.7 billion dollars in the year ending June. The central bank plans to boost gold purchases to diversify reserves and cushion the local currency against recent volatility.
Insights:
Uganda increased its foreign exchange reserves 56% to $6.7B in the year ended June, bolstered by central bank policy, according to a report released Monday afternoon.
The reserves grew from $4.3B in the prior period, reinforcing external-sector resilience and macroeconomic confidence. The expansion provides 3.7 months of future import cover, trailing the central bank's four-month target.
