Uganda Shilling Expected to Extend Losses
Ugandas shilling is forecast to slide further following strong import demand that drove the currency to a historic low. Meanwhile, currencies in Zambia and Ghana face ongoing pressure from rising energy and dollar costs while Kenyas shilling remains stable.
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Uganda's currency fell to a historic low of 3,975 per dollar during Thursday's late evening session, driven by strong foreign-exchange demand from energy and merchandise importers. The shilling's drop extends losses from last week's close of 3,935, placing additional strain on East African foreign-exchange reserves. The currency weakness comes as global energy markets react to supply shocks tied to Brent Crude Oil price volatility.
