African central banks have cut euro exposures, says Uganda’s Kavuma

The introduction of quantitative easing and negative interest rates by the European Central Bank has resulted in a number of central banks in Africa cutting their euro holdings, according to Solomon Kavuma, deputy director for reserves and investment management at the Bank of Uganda.

Reserve managers in many African countries face a significant challenge from falling commodity prices, which has resulted in downward pressure on their currencies. Kavuma says this pressure on currencies "requires