Ugandan shilling stable, market awaits T-bill results

KAMPALA: The Ugandan shilling was unmoved on Wednesday as investors awaited the outcome of a Treasury bill auction, traders said.

A rise in yields and increased offshore appetite for Ugandan government debt would mean additional inflow of hard currency into the market to be converted into shillings to purchase the securities.

"The shilling hasn't changed because we're still waiting to see results of the auction," said Faisal Bukenya, head of market making at Barclays bank.

"Depending on the direction of yields and level of offshore interest, players will take positions," he said.

At 1300 GMT commercial banks quoted the currency of east Africa's third-largest economy at 2,569/2,574, matching Tuesday's close.