Emerging Markets Rates and Currencies Handbook

Uganda (UGX - Ugandan Shilling) Citi in Uganda Citibank Uganda Limited opened for business in 1999 and is one of the top 10 banks in the country. Citi is highly respected in the FX market serving top tier corporate clients, government entities and financial institutions in the country. Market Overview The Bank of Uganda runs a free-floating regime for FX with the key mandate of price stability. The Bank of Uganda oversees the FX Market. Main Currency Pairs: USDUGX; KESUGX; ZARUGX; EURUGX; GBPUGX. Demand is mainly stems from Corporates across a blend of sectors not limited to energy, telecoms, manufacturing, and importers of merchandise. Supply is mainly from agricultural exports, NGOs and diaspora remittances. The currency is relatively liquid; average daily FX interbank volumes at approx. $40mm. Inflation targeting monetary policy with a secondary policy objective to ensure that real output is as close as possible to the economy’s potential level. The Monetary policy rate is reviewed quarterly the Bank of Uganda. Convertibility Fully Convertible. 163