Uganda’s foreign reserves drop sharply
Published on: Tuesday 07 February 2023
Uganda’s foreign exchange reserves held by the Central Bank dropped sharply by about 20% last year, according to data from the Bank of Uganda (BOU).As the shilling’s value deteriorated, BOU’s scope to build its reserves through foreign currency purchases on the market narrowed, leaving loan disbursements and income as the central bank’s main sources of foreign exchange.Data from BOU shows that Uganda’s gross foreign exchange reserves declined...
News source: https://www.msn.com/en-xl/news/other/uganda-s-foreign-reserves-drop-sharply/ar-AA17fgzb
