According to the performance of the Economy Report for the month of July 2024, the Uganda Shilling appreciated by 1.1% against the US Dollar to an average mid-rate of Shs3,705.85/USD, compared to Shs3,747.19/USD in June 2024.
This appreciation was on account of increased supply of dollar which out stripped it’s demand.
It should be noted that all other currencies in the EAC region depreciated against the USD in July 2024.
The Tanzania and Kenyan Shillings depreciated by 1.2% & 0.5% respectively, while the Rwandan & Burundian Francs weakened by 0.5% and 0.2% respectively.
In June 2024, Uganda traded at a surplus of USD 45.26 million with the rest of the EAC partner states, a shift from the deficit of USD 72.20 million registered the previous month.
Overall, there has been continued improvement in the level of economic activity as shown by the high frequency indicators of economic activity. Similarly perceptions about doing business remains positive and optimistic.
