Remittances, NGO Conversions Expected To Boost Bhilling

Shilling-Jan-25“The Shilling might also draw support from end-year conversions from NGOs coupled with remittances from Ugandans living abroad,” Daniel Sage Muganza Treasury Sales Manager, Centenary Bank.

On Tuesday the shilling firmed further against the greenback on the back of waning dollar demand from the corporate sector. At market close, commercial banks quoted 2500/5 level per dollar slightly stronger than Monday’s close of 2503/8.
“The demand for dollars remains weak as market activity slows down ahead of the festive season,” Muganza said.

Market Outlook

The shilling is expected to remain firm in the short-term on the back of low activity from the corporate sector ahead of the festive season

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