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Ugandan shilling weakens as rate cut spurs banks to beef up positions

Commercial banks quoted the shilling at 3,697/3,707, compared to Thursday's close of 3,680/3,700. KAMPALA: Th
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  • Commercial banks quoted the shilling at 3,697/3,707, compared to Thursday's close of 3,680/3,700.

KAMPALA: The Ugandan shilling weakened on Friday as players in the interbank market beefed up their positions after the central bank this week, in a surprise move, cut its policy rate by 100 basis points to 9pc.

At 0933 GMT commercial banks quoted the shilling at 3,697/3,707, compared to Thursday's close of 3,680/3,700.

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