Citigroup MD advises on Uganda's currency challenges
· 24.04.2024 · 22:04:14 ··· ··· Wednesday ·· 3 (3)
NTVUganda The Managing Director and Africa economist at Citigroup, David Cowan, says depreciation pressures on the local currency, the Uganda shilling, towards the end of 2023 and in the year 2024, could be averted by dealing with the current fiscal health and prudent budget management. He told a press briefing in Kampala today that the majority of African economies in this situation should be targeting growth levels of about 7 percent from 5 percent if they are to attain aspirations of reducing poverty.
According to a recent Bank of Uganda report, "In February 2024, the weakening of the Uganda Shilling during the period was due to offshore exit due to more attractive yields in competing markets, strong domestic demand partly as a hedging mechanism against future depreciation, and seasonal factors." Reported by Racheal Nabisubi.
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