Ugandan shilling stable as central bank intervention soaks up demand

KAMPALA: The Ugandan shilling was stable on Thursday, drawing support from the central bank's sell-off of hard currency in the previous session which is helping to soak up the surging appetite, traders said.

At 0913 GMT commercial banks quoted the shilling at 3,880/3,890, same level as Wednesday's close.

Bank of Uganda intervened on Wednesday and sold dollars for the third time this month to stem the local currency's depreciation.