Uganda Shilling Weakens to Record Low as Dollar Demand Persists
Bloomberg 2026-10-05 13:54:13
Context: The Uganda shilling has plummeted to an all-time low against the US dollar due to sustained demand from offshore investors and importers. This significant depreciation occurred on Monday, with the exchange rate surpassing a psychologically crucial threshold. The shilling's decline was recorded and reported by the Bank of Uganda.
Key Facts
- The Uganda shilling weakened to 4,025 per dollar earlier on Monday, before slightly recovering to 4,018 shilling per dollar by 1 p.m. in London.
- The shilling's decline crossed the psychologically important 4,000-shilling mark, a significant milestone in its record-low trajectory.
- Demand for the US dollar from offshore investors and importers has put renewed pressure on the local currency.
- The exchange-rate data was posted by the Bank of Uganda on its official website, providing authoritative confirmation of the shilling's record-low value.