Ugandan shilling unchanged as demand curbed ahead of election

KAMPALA: The Ugandan shilling was steady on Wednesday as hard currency buyers continued to stay on the sidelines, possibly limiting economic activity ahead of the Feb. 18 presidential election.

At 0919 GMT commercial banks quoted the shilling at 3,470/3,480, unchanged from Monday. Markets were closed in Uganda on Tuesday as it was a holiday.

"We're not seeing any buying interest from the usual big clients. They are cautious, may be waiting to come in after the election," said Faisal Bukenya, head of market making at Barclays Bank.

Traders say big importers, apprehensive about a possible disputed poll and unrest, could be holding off on placing new shipment orders, consequently cooling demand for dollars.