Uganda Shilling Up 0.8% to 3,884 Per Dollar

Uganda’s shilling advanced the most in seven months in Kampala before an unscheduled meeting of the central bank’s monetary policy committee later on Wednesday.

The currency jumped as much as 0.8% to 3,884.63 per dollar, the biggest intraday gain since Aug. 25. It traded 0.4% stronger at 10:34 a.m. local time.

The shilling has weakened since the World Bank in August announced it was suspending funding to the East African nation over its adoption of legislation that criminalizes homosexuality.

The currency fell to a record low of 3,957.50 per dollar on Feb. 26, according to data compiled by Bloomberg, and has lost about 8% of its value since the World Bank decision.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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