Uganda sells $5m to support the shilling

The Central Bank of Uganda on Jan. 24, 2001, sold $5m to an interbank market already well supplied with dollars in an attempt to strengthen the shilling, dealers said. The shilling closed the day marginally up at 1,810/55 from a morning opening of 1,835/55. The shilling climbed last week with dollar demand subdued as corporates settled their shilling tax obligations. This week the shilling has been supported by coffee and cotton inflows in addition to subdued demand. "We were taken aback by t

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