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Ugandan shilling flat, seen under pressure after tax payments
May 15, 2015 / 11:58 AM / 3 years ago

Ugandan shilling flat, seen under pressure after tax payments

KAMPALA, May 15 (Reuters) - The Ugandan shilling was flat on Friday but was seen vulnerable in the coming days on the back of a likely rise in dollar demand from corporates.

At 0912 GMT commercial banks quoted the shilling at 2,900/3,000 unchanged from Thursday’s close.

“Outlook points to a likely rebound in demand in the coming week that will exert pressure on the shilling,” said Stephen Kaboyo, managing director at Alpha Capital Partners.

Kaboyo said he expected some volatility in the market in the coming weeks as players try to take speculative positions ahead of the reading of budget for the 2015/16 fiscal year.

The budget’s reading is expected to be next month.

Demand for the greenback has been mostly tepid this week with traders saying firms were holding onto shillings to meet their monthly tax payments.

“We’ll probably see a comeback by some companies next week since they will have completed these tax payments,” said David Bagambe, trader at Diamond Trust Bank.

So far this year the shilling is down 7.5 percent against the American currency.

UGX Spot Rate..... UGX=

Ugandan Shilling Money Guide.... UGX/1

Calculated Cross Rates.......... UGXX=

Deposits..................... UGXDEPO=

Deposits & Forwards............. UGXF=

Uganda Equities Guide....... UG/EQUITY

Uganda All Share Index........ .ALSIUG

Shilling background ..... UGX/BKGDINFO

Ugandan Debt Guide............ UG/DEBT

All Uganda Bonds............. 0#UGTSY=

Uganda T-Bills.............. 0#UGTSYS=

Uganda Benchmark............. 0#UGBMK=

Central Bank ................ BOUGINDEX

Ugandan Contributor Index.... UG/CONT1

Uganda Coffee Prices....... COFFEE/UG01

Reporting by Elias Biryabarema; Editing by James Macharia

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