Ugandan shilling stable, seen gaining from Treasury bond sale

KAMPALA: The Ugandan shilling was stable on Tuesday on the back of thin appetite for the greenback, but was expected to gain later in the week from expected inflows into a Treasury bond auction.

At 0743 GMT commercial banks quoted the shilling at 3,430/3,440, unchanged from Monday's close.

"We could see it (shilling) strengthen a little from the inflows that we expect from the auction," said Ali Abbas, a trader at Crane Bank, referring to the debt sale on Wednesday where 190 billion Uganda shillings worth of three-, and five-year bonds are on offer.

He added that demand for greenbacks has been low since Uganda's Feb. 18 presidential election, due to some traders leaving the capital Kampala because of fears of unrest.