Ugandan shilling weaker as ratings downgrade spooks commercial banks

KAMPALA: The Ugandan shilling was a notch weaker on Monday, after a downgrade of the country’s credit rating spooked commercial banks, causing them to buy hard currency, traders said.

At 0820 GMT commercial banks quoted the shilling at 3,782/3,792, compared to Friday’s close of 3,775/3,785.

Ugandan shilling little-changed, expected to firm

atings agency Moody’s on Friday downgraded Uganda’s rating to B3 from B2, citing “diminished debt affordability and increasingly constrained financing options.”