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Covid-19 cost Uganda $34mln on the public securities market between February and March

Friday, 27 March 2020 16:27
Covid-19 cost Uganda $34mln on the public securities market between February and March

(Ecofin Agency) - Uganda lost USh130 billion (about $34 million) on the public securities market between February 21 and March 13 due to the novel coronavirus still spreading around the world. Figures were reported in a report published on March 24 by the country’s central bank.

The Bank points to a fear sentiment among investors which led to a depreciation of the Uganda Shilling against the US dollar from USh3,676.9 for US$1 in February to USh3,820 for a dollar as of March 20, a depreciation rate of 3.9%.

To remedy this situation, the Central Bank is planning several measures including loosening the monetary policy and providing liquidity in the event of financial strain. According to Adam Mugume, the director for Research at Bank of Uganda, loan maturities will be extended, especially for the most affected sectors.

We shall provide exceptional liquidity assistance for a period of up to one year to financial institutions supervised by BoU, that may require it, and waive limitations on the restructuring of credit facilities at financial institutions,” Mugume said.

André Chadrak

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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