Africa’s Third-Best Performing Currency May Have More to Run
- Ugandan shilling seen remaining strong to the end of the year
- Inflows, especially from coffee exports, buoy local currency
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Uganda’s shilling, Africa’s third-best performing currency this year, gained for a fourth straight day on Tuesday, buoyed by dollar inflows from coffee exporters and foreign investors chasing yield.
“We are seeing more dollar receipts, especially from coffee,” said Benoni Okwenje, general manager for financial markets at Kampala-based Centenary Bank Ltd. “We have seen an increase in portfolio investments, which are being attracted to emerging markets. We continue to receive a lot of dollar inflows to non-governmental organizations.”