Ugandan shilling building on gains made after anti-gay bill scrapped

KAMPALA: The Ugandan shilling was stable on Monday and traders said they expect the currency to build on gains made after a court overturned an anti-gay law that drew Western criticism and halted aid payments.

At 0830 GMT commercial banks quoted the shilling at 2,610/2,620, unchanged from Friday's close.

The local currency firmed 0.3 percent on Friday after Uganda's constitutional court rescinded the anti-gay law which punished gay sex with lengthy jail sentences.

"The outlook still favours the shilling after the court decision on the anti-gay law," Centenary Bank trader Sage Daniel Muganza said.

"There's also some shilling tightness which is supporting an upward bias ... inflows into the auction might also come through," he said.