Ugandan central bank calls emergency policy meeting for Wednesday
Uganda's central bank has called an emergency meeting to address the rapid depreciation of the Ugandan shilling. The currency has hit record lows against the dollar, prompting concerns about market volatility.
Why it matters
Currency instability in emerging markets can lead to inflation and impact foreign investment, affecting the broader African economic landscape.
NAIROBI, Oct 13 (Reuters) – Uganda’s central bank said it would hold an emergency Monetary Policy Committee meeting on Wednesday.
Uganda’s shilling has been falling sharply against the dollar since August.
The shilling has recorded repeated all-time lows this month and is down more than 11% against the dollar so far this year.
The central bank has not intervened directly in the market to slow the depreciation, saying it does not target a specific exchange rate but will use a range of tools to manage excess volatility.
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