Ugandan shilling stable, dollar demand low

KAMPALA: The Ugandan shilling was flat on Thursday due to low dollar demand from both corporate clients and commercial banks.

At 0953 GMT commercial banks quoted the shilling at 3,455/3,465, unchanged from Wednesday's close.

"It's all flat in the market, there's no activity on the demand side," said Faisal Bukenya, head of market making at Barclays Bank Uganda.

Bukenya said the scant appetite for the greenback was probably linked to a slowdown in business activity caused by the election-related uncertainty. Uganda is due to hold presidential elections on Feb. 18.