Uganda Shilling Strengthens

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Uganda’s shilling appreciated 3.7% over the past year, rising from Shs3,723.65 in August 2024 to Shs3,586.57 in July 2025. Traders expect continued strength in the short term, supported by month-end inflows from commodity exporters and NGOs. Exchange activity remains orderly, with narrow spreads and rising market depth. Economists cite steady inflows, moderate import demand, and disciplined monetary policy, though external factors like US monetary policy could influence the currency.