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Uganda’s Central Bank Puts the Market at the Heart of Shilling’s Value

The Bank of Uganda is urging calm over the shilling, saying its value is determined by the market, according to Daily Monitor Uganda.

By Teqwah Desk07 Oct 15:30Updated 07 Oct 15:301 min read

Uganda’s Central Bank Puts the Market at the Heart of Shilling’s Value — Photo: Daily Monitor Uganda (direct)

Key takeaways

The Bank of Uganda is urging calm over the shilling.
The central bank says the currency’s value is determined by the market.
Daily Monitor Uganda reported the central bank’s position.

Uganda’s central bank is urging people not to panic over the shilling, according to Daily Monitor Uganda. Its message centres on how the country’s currency gets its value.

The Bank of Uganda says the shilling is market-determined. In plain terms, that means its value is set in the currency market.

The Bank of Uganda’s message: there is no need to panic over the shilling, Daily Monitor Uganda reports.

For business readers following Uganda’s currency, the key point is the central bank’s emphasis on market pricing. The shilling’s market value remains the focus to watch.